Real Estate Statistics – Midlothian, Texas

The real estate market in Midlothian is solid. Perhaps you have spent some time listening to the news media and heard all of the doom and gloom. Well, let's take a look at what is happening in Midlothian and highlight just a few sub-divisions:

• Home Prices in Midlothian have increased on average 35% from the Q1 2003 to the Q4 2008. Average prices in Q1 2003 were $144,900 and in Q4 2008 they were $196,000.
  
• Average days on market have increased just over 25% in Midlothian over the same time frame – from 63 days in Q1 2003 to 79 days in Q4 2008.
  
• On March 13, 2009 there were only 271 homes for sale in Midlothian with the median asking price of $256,000.
  
• Sellers in Midlothian are getting 91.9% of their asking price based on sales through the Q4 of 2008. If you look at all of Ellis County, sellers are getting 95% of their asking price.
  

Let's look at a couple sub-divisions in the city in terms of listings and see what is happening in those:

1. Park Place currently has 8 homes for sale priced between $97,500 and $157,500. In the last 6 months, 9 homes have sold with an average sales price of $109,361. The homes that sold, sold for 99% of the listing price and took on average 50 days to sell.
   
2. Overlook Estates currently has 12 homes for sale priced between $85,500 to $146,950. In the last 6 months, 14 homes have sold with an average sales price of $108,903 and took on average 92 days to sell. The homes that sold, sold on average for 98% of their asking price.
   
3. Longbranch currently has 6 homes for sale priced between $117,000 and $199,900. In the last 6 months, 3 homes have sold. These homes took on average 169 days to sell and sold for 97% of their list price. (These numbers are not that unusual for a newer sub-division.)
   

So, what do these numbers tell me and more importantly you? First, if you purchased your home 5 years or more ago – it has probably appreciated a huge amount – on average 35%. That is certainly a lot more than the media would have you believe. Secondly, if you price your home correctly in Midlothian – it will sell and do so relatively quickly, in just about 2 and a half months. Third, we need more inventory – especially on the lower end. Now is the time to get your home on the market.

If you would like specific numbers for your sub-division, send us an e-mail or give us a call and we'll get them to you.