Homes Sold and New Builds: 2023 vs. 2024
In 2023, Sherman saw a steady demand for homes and land, with many buyers seeking large lots for new builds or country retreats. The median home price hovered around $725,000, driven by high demand from those looking to escape urban areas and take advantage of remote working flexibility. The availability of buildable land also made Sherman attractive for custom home builders and those searching for larger properties.
By 2024, the trend toward new builds continued, but rising interest rates had a noticeable impact on buyer behavior. Higher borrowing costs slowed down some of the market momentum seen in 2023. Home prices in Sherman have leveled off slightly, with the average home price in 2024 around $710,000. Land remains in demand, especially for buyers planning long-term investments, though the pace of new construction has moderated.
Interest Rates: Impact on Buyer Demand
The most significant factor affecting Sherman’s real estate market between 2023 and 2024 is the rise in interest rates. In 2023, mortgage rates were still relatively low, averaging between 5.5% and 6.0%, making it easier for buyers to finance homes and land purchases. These favorable rates encouraged first-time buyers
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