Peninsula Market Report 2023

Waterfront homes on Redbird Road near the Lush Resort

Possum Kingdom Lake
2022 and 2023 Comparison

With 2023 coming to a wrap and all the data from last year’s real estate market finalized, it’s time we looked into the numbers and data. As you may be aware, I write a market report annually and typically try write a quarterly analysis for select communities. This article is going to highlight the changes in the market between 2022 and 2023 in the area known as the Possum Kingdom Lake’s Peninsula. While most of this is expected by anyone who has watch the market closely, I think there will be a few noteworthy data points that will surprise you. With that, let’s dive in.

2022 Metrics:

  • Price per Square Foot: Approximately $582 (*after removing outliers)
  • Average Sales Price: $1,454,754
  • Median Sales Price: $1,250,000
  • Average Square Footage: 2,628 square feet
  • Highest Sale List Price: $5,990,000
  • Number of Homes Sold: 10

2023 Metrics:

  • Price per Square Foot: Approximately $570 (*after removing outliers)
  • Average Sales Price: $1,395,563
  • Median Sales Price: $1,487,500
  • Average Square Footage: 2,664 square feet
  • Highest Sale List Price: $3,500,000
  • Number of Homes Sold: 19

The Comparison

In 2022, the real estate market showcased robust figures, with an average price per square foot of approximately $582. Homes sold for an average sales price of $1,454,754, and the median sales price was $1,250,000. The average square footage of sold homes stood at 2,628 sqft, with the highest sale list price reaching $5,990,000. A total of 10 homes were sold, indicating a vibrant market.

Transitioning to 2023, we observed slight shifts in these metrics. The average price per square foot decreased to $570. Despite a marginal dip in the average sales price to $1,395,563, the median sales price rose to $1,487,500, reflecting a market with a stronger appetite for higher-priced homes. The average square footage of homes sold increased slightly to 2,664 sqft, pointing to a continued preference for larger living spaces. However, the highest sale list price saw a decrease to $3,500,000. The number of homes sold increased to 19, indicating a more active healthy market.

*The Outliers… for transparency

It is also worth noting that there were 4 homes located on the interior of the peninsula that sold in 2023 as opposed to 1 lot that sold in 2022. Because of the generally smaller size and lack of waterfront or water view, these homes typically sell for fractions of the price of the other Peninsula counterparts. In 2022 there was a small cabin that sold for lot and dock value, with minimal value placed on the structure itself. If the value per square foot were applied to this property it would grossly affect the value per square foot. For that reason, both the interior homes and the smaller cabin properties were deemed “outliers”/oddities and were not included when calculating value per square foot. Commercial listings were also excluded in this data.

Fall at PK

Spotlight on 2023 Active Listings

  • Number of Homes Listed: 5
  • Range of Price: $1,299,000 to $2,450,000
  • Average Price: $1,917,250
  • Average Square Footage: 2,994.5 sqft

A closer look at the active listings in 2023 reveals a market segment with high-value offerings. With only 5 homes listed at the time of this article, the range of prices spanned from $1,299,000 to $2,450,000, with an average price of $1,917,250. These homes boasted an average square footage of 2,994.5 sqft, underscoring the premium placed on spacious and luxurious properties. This segment illustrates the market’s diversity, catering to buyers seeking substantial, high-end homes. Links to the listings currently on the market are below.

  • 2927 Colonels Row – Rustic exterior with a classy, clean and rich grandeur interior. Commanding master suite with balcony looking out over the water.
  • 2145 Trail Ridge 2 – Wrapping up construction. Tall ceilings and every bedroom has a lake view. Built to capitalize lake views and lake time.
  • 2255 Park Avenue Circle – Charming deep water home. Big living room area and kitchen. Separate bunk house or man cave with it’s own lake front viewing platform.
  • 2655 Hideaway Lane – Exquisite and spacious. Tall ceilings and yard big enough for regular parties. Pool, private boat ramp, and separate boat barn.
  • 1963 Deer Trail Road – Massive yard. Over 1 acre of pristine level waterfront land. Open floor plan home. Enjoy sandy beaches, and easy lake access.


Understanding Market Dynamics

The real estate market’s year-over-year comparison sheds light on several key trends:

  • The rise in median sales price and the number of homes sold in 2023 suggests a sustained demand for higher-priced homes, indicating a robust segment within the market.
  • The slight increase in the average square footage of homes sold from 2022 to 2023 reveals a consistent or growing preference for larger homes, a trend that has implications for builders and developers.

The analysis of active listings in 2023 further highlights a segment of the market where luxury and space command a premium, pointing to the diverse needs and preferences of homebuyers.

As we move forward, understanding these trends and market dynamics will be crucial for buyers, sellers, and industry professionals alike, offering valuable insights into the ever-evolving landscape of real estate.

Most sales and Who Can Help

Is it of any surprise, that of all brokerages (over a dozen) represented in helping sell or list properties on the PK Peninsula, Possum Kingdom Real Estate continues to be a leader in Peninsula sales. Prominent PKRE agents being Keith Hanssen, Maggie Burgess, and Matthew Renfro.

Jonathan Fowler is among the 5 agents with homes currently listed on the market.

Deer Trail home listed in 2023 by Jonathan Fowler with Possum Kingdom Real Estate

Written by Matthew Renfro

Photos taken by Matthew Renfro, FAA licensed drone pilot.

*Data gathered exclusively from North Texas Real Estate Information Services (NTREIS) MLS System as of 2/2/2024