Largely developed from 1920 through 1960, Abilene buyers appreciate these neighborhoods for multiple reasons: nostalgia, oversized floor plans, large lots, Austin Elementary, community amenities, central location, or period architectural detail. Whatever the motivation, Barnett & Hill has assembled a page devoted to these central Abilene subdivisions to help buyers identify homes for sale in this neighborhood or understand trends if it's time to sell your home.

Old Elmwood

Tanglewood - River Oaks

Brookhollow

Statistics

Data helps sellers understand what they have and gives buyers context for a home purchase. The graphs below provide an additional layer of context by comparing this data for Old Elmwood, Tanglewood/River Oaks, and Brookhollow. All data is based on a 12-month moving average for sake of presentation. Monthly unsmoothed data is also available for download. If you have specific questions about transactions in reflected in these graphs, call John Hill at 325-721-4428.

Price per square foot

Price per sf is a common measurement of value - it's easy for a real estate agent to grab a few comparables sales, divide by sf, multiple by your home's square footage and - voila - your home is priced. What gets ignored when you look at this statistic across time is inflation.  Reported price per sqft doesn't consider inflation - this makes the drop in price/sqft more dramatic if you think inflation is making each dollar worth less.

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Sales price

Total sales price in Tanglewood/River Oaks is higher higher when contrasted against the other three areas.  One thing this area has is homogeneity - these homes are on larger lots with wider streets and generous 1950-60's suburban ranch floor plans.

Brookhollow also benefits from homogeneity, but with smaller homes therefore lower overall value. Old Elmwood is a mixed bag - you've got historic 4,000 sf creekbank homes mixed with 950 sf two bedroom 1 bath homes - these extremes average to a lower overall value.

The good news - Old Elmwood and Brookhollow perform on par with all of Abilene (and when I say Abilene that's AISD sales plus Wylie ISD sales). The continued appeal of these neighborhoods keep value close to the town average.

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Days on the market

During COVID when stimulus money was plentiful and rates were low, we saw some of the most compressed days on the market - in Abilene and three neighborhoods showcased on this site, homes went under contract in under 20 days. Look back over the last decade- homes lingered longer on the market and Abilene saw a peak at an average of 53 days on the market.  We've been spoiled over the past few years with low rates and high demand for homes.

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Months of inventory

Total monthly active listings divided by total monthly homes sold gives us a measure of months of inventory - it's a takedown rate for homes on the market. For context, the Texas A&M Real Estate Center regards 6.5 months inventory as a balanced market that advantages neither buyer nor seller.

In August of 2022 the Abilene market saw the lowest inventory of 1.3 months - an almost-two-month drop from 3.2 months in the aftermath of COVID lock down. Due interest rate increases, we've seen inventory swell - just like for Abilene as a whole - in Old Elmwood, River Oaks/Tanglewood, & Brookhollow.

To put a positive spin on this for sellers: we are still 3.5 months away from a balanced market - seller's still have leverage.  Further, inventory is being depressed by potential sellers that refuse to market their homes that have COVID-era 3% interest rates on 30-year mortgages. To put a positive spin on this for buyers: we are almost halfway to a buyer's market v where we were in August 2022.

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% of Asking Price

100% of asking price is what every seller wants - list the house and get exactly what they ask for. From June 2021 to April 2023 this was the case for Abilene sellers - they got 100% what they asked for in terms of price.

In March 2022, the prime rate was 3.25%.  By April 2023 when this trend concluded, prime rate was at 8% & still facing two more rate increases.  We've already discussed the drop in price per sf in the first graph and now we see this represented with another statistic: people tried to recreate the pricing successes of the prior period going back to March 2022, but higher rates begin to blunt seller's ability to make and get a full-price offer.

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New listings

Since 2020, new listings in Brookhollow, Old Elmwood, and Tanglewood/River Oaks declined.  A more expensive interest rate climate made all homeowners more content with their COVID-era 3% interest rates on 30-year mortgages.

Our larger MLS region (that includes the DFW Metroplex market) realized a drop of in new listings of 5.4% over the last 12 months.  In contrast, Abilene experienced a 12-month drop in new listings of 8.7%.  Abilene buyers are more inclined to hold onto good deals financed at lower interest rates than the larger regional market.

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Closed sales

With less new listings come less new closings - again, a more expensive interest rate climate made all homeowners more content with their COVID-era 3% interest rates on 30-year mortgages.

Our larger MLS region realized a drop of in sold listings of 12.6% over the last 12 months.  In contrast, Abilene experienced a 12-month drop in new listings of 16.8%.  Abilene buyers are unenthusiastic about current, higher interest rates relative to buyers in the larger regional market.

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What's My Home Worth?

Pricing tools are commonplace on real estate sites.  They harness recent, comparable home sales to attempt an estimate for the sold price of your home.  A forewarning: this tool is a good first pass as it works off average values, but not YOUR value. Understand that each house is unique and you need a Barnett & Hill real estate agent to assess the qualities of your home to monetize these differences when you sell.