Murphy continue to experience a very active housing market this spring, with median home prices up 4.5% over last year.
“The second quarter is shaping up to be very exciting for the Murphy area,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”
“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “Across North Texas, we saw a 15% increase in the number of sales over last April. With nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”
Prices do continue to rise as the demand for housing continues to be strong. Murphy saw price increases in all types of housing, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:
- There were 34 sales of single family homes in Murphy in April.
- The average price per square foot for single family homes in the area is $113, a 6% increase.
- The median sales price in Murphy in April was $345,300, a 4.5% increase over last year.
- Most homes sell for 99.5% of list price when sold through a MetroTex Realtor.
- There is approximately 1.8 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.