What Did A House in Pilot Point Cost in 2023 

Pilot Point

Pilot Point is located on the Southeast corner of Lake Ray Roberts, and the far north end of the Highway 380 corridor. It is part of the Pilot Point Independent School District, as shown on the map below. The current population estimate is around 5,000. 

Pilot Point's Closed Properties in December

December saw a decrease of 53% in the number of closed properties compared to November, with only 14. However, this decline was expected as December is traditionally a slower month in the Pilot Point market. The average sales price remained relatively stable.

Pilot Point Year-to-Date Analysis

When comparing the average price per square foot at the end of 2022 to 2023 the Pilot Point market was down 11.85%. That decline can partly be attributed to the influx of new home construction in Pilot Point. New homes have been selling at much lower price point than that of existing homes. Among the communities surrounding Lake Ray Roberts only Pilot Point and Sanger experienced a price drop in 2023. Pilot Point and Sanger also led the area in new home sales over the same time frame.

 

 

Pilot Point Active Listings

As of January 3rd, there were 51 active listings in Pilot Point. The average asking price for these listings was $210.71 per square foot, with an average days on market of 66. Of these listings, 34 are new homes and 17 are existing homes. It is worth noting that new homes are selling for considerably less than existing homes, which has contributed to the overall decline in the market over the past twelve months.

Pilot Point Five Year Trend

Over the past five years, Pilot Point has seen a steady increase in the average sales price per square foot. In 2023, the average sales price was $192.14, making it the second-highest in the past five years. Despite the decrease from 2022, the market is still performing well compared to previous years.

Interest Rates

Interest rates have been gradually decreasing over the past few months. If the trend continues in 2024 it could have a positive impact on the market.

Looking Ahead

Despite the decline in the market over the past year, there are positive signs for the future. If interest rates fall and the growth continues 2024 will be a great year. 

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