Boerne, Texas Real Estate Market Analysis for 2024
Home Prices and Market Trends
As of mid-2024, the median home sale price in Boerne, Texas is approximately $495,000, representing a 7% decrease from the previous year. This decrease is indicative of a market cooling period. Interestingly, the price per square foot has risen by 6.5%, now averaging $229, signifying a heightened demand for high-quality living spaces despite the overall drop in median prices (Redfin).
Homes in Boerne generally receive two offers on average and remain on the market for about 49 days before being sold. Notably, 31.7% of listings have seen price reductions, an increase from last year, suggesting a transition towards a buyer’s market (Redfin).
Mortgage Rates and Affordability
The mortgage rates in Boerne remain favorable, with a 15-year fixed loan rate at approximately 3.5% and a 30-year fixed loan at 4.1% as of mid-2024. These historically low rates have maintained buyer interest and improved affordability for first-time buyers and investors alike (Boerne Beat).
Significant builder incentives are also playing a crucial role in this market. Builders are implementing strategies like mortgage rate buydowns, closing cost contributions, and design center credits, making new homes more accessible and attractive to buyers. These incentives are particularly effective in reducing the initial financial burden on buyers (Builder Magazine).
Demographics and Migration Patterns
Boerne continues to attract new residents, especially from major metropolitan areas such as Los Angeles, Seattle, and Miami. Despite this influx, a significant 75% of Boerne's homebuyers are local, underscoring strong internal demand and community stability (Redfin).
The Rental Market
The rental market in Boerne is stable, with average rental rates around $1.49 per square foot. This stability reflects a balanced market, meeting the demands of both long-term residents and newcomers effectively (Team Boerne).
Conclusion
The current state of Boerne's real estate market is characterized by a nuanced interplay of pricing trends, competitive dynamics, favorable mortgage rates, and significant demographic shifts. This blend makes Boerne a compelling destination for both residential living and investment opportunities. The market shows strong internal demand, supported by attractive mortgage rates and significant builder incentives, positioning Boerne as an appealing choice for new and existing residents (Redfin, Boerne Beat, Builder Magazine).