Chaparral Real Estate Market Summary – November 2024

The Chaparral real estate market in November 2024 experienced moderate price growth, with an 11.1% year-over-year (Y/Y) increase in total residential benchmark price, reaching $661,500. Sales activity declined by 38% Y/Y, with 10 total residential sales, while inventory increased by 54% to 20 active listings. The sales-to-new-listings ratio stood at 0.63, indicating a balanced market but with a trend towards more supply.

The months of supply rose to 2.00 months, suggesting a more favorable environment for buyers compared to previous months.

Market Trends:

• Detached Homes

  • Benchmark Price: $734,300 (+9% Y/Y)

  • Sales: 10 (-23% Y/Y)

  • Inventory: 11 active listings

  • Months of Supply: 1.40 months (up Y/Y)

  • Detached homes continue to dominate the market, showing steady price appreciation despite a sales slowdown.

• Semi-Detached Homes

  • Benchmark Price: $599,000 (+10% Y/Y)

  • Sales: 0 (No recorded transactions)

  • Inventory: 0

  • Months of Supply: N/A

  • No recorded sales for semi-detached properties in November 2024, indicating low demand or limited supply.

• Row Homes

  • Benchmark Price: $488,800 (+6% Y/Y)

  • Sales: 0 (No recorded transactions)

  • Inventory: 3 listings

  • Months of Supply: 2.00 months

  • Row home sales were stagnant, but inventory levels suggest potential future interest.

• Apartments

  • Benchmark Price: $335,200 (+5% Y/Y)

  • Sales: 0 (-100% Y/Y)

  • Inventory: 2 listings

  • Months of Supply: N/A

  • Apartment sales saw a sharp decline, indicating low buyer interest in this segment.

Community Features & Demand Factors

• Strong appeal for families: Chaparral remains a popular choice for families due to lake access, recreational facilities, parks, and proximity to schools.

• Stable detached home market: Despite a decline in sales, detached home prices continued to rise, reflecting strong demand for larger properties.

• Increasing inventory: More listings suggest a cooling market, giving buyers more options.

• Affordability shifts: The strongest price growth was in the detached and semi-detached markets, while apartments and row homes showed limited activity.

Outlook

• Chaparral remains a seller’s market for detached homes due to limited supply, while increasing inventory levels could lead to a more balanced market in early 2025.

• The lack of sales in apartments and row homes indicates buyer preference for larger homes, a trend consistent with suburban demand.

• Higher inventory and rising months of supply suggest that home price growth may stabilize in the coming months, offering more opportunities for buyers.