Lewisville, TX is where we focus our attention in today's update.
Looking at how mortgage rates have surged, it was interesting to review recent closings in Lewisville in comparison to the summer months.
Per NTREIS from 5/1/22-8/1/22, the booming real estate expansion in Lewisville saw median stats of $221/sqft, a 422k sales price and just 6 days on the market!
Amidst yesterday's report that mortgage rates hit their highest level in 20 years- over 6.9%, there has been a price correction in Lewisville.
October has brought 38 closings that have included $203/sqft, a 419k sales price and a surge in days on market at 29 days. These stats were also on a median basis.
The surge in days on market we have seen throughout DFW, as buyers have been able to navigate the market with significantly more listings to view, compare and negotiate.
This price correction seems healthy and as with DFW as a whole- will be exciting to see where the Lewisville market goes heading into 2023!
Talk soon. Eddie.
