Riverside Grove: Mortgage Rates and Buying Power in November

What does a 7.11% mortgage rate mean for buyers in Riverside Grove right now? With the median closed price at $277,000 across 19 sales over the last year, the monthly principal and interest payment on a standard 30-year fixed loan is $1,491. ALEX Intelligence calculated the cost of buydowns to lower that rate. A 3/2-1 buydown costs $10,224 total (3.69% of the price) and reduces the first-year payment to $1,072, saving $419 monthly. A 2-1 buydown costs $5,196 total (1.88% of the price), lowering the first-year payment to $1,205 for a $286 monthly saving. The market has seen prices drop 10.2% compared to the prior period and the same time last year, while median days on market fell 6.5% to 43 days. Buyers are paying 94.9% of the original list price on average, with 84.2% of sales closing below that initial ask. Current inventory is tight with only 2 active listings and a rolling 12-month volume of 19 closed sales. The median price per square foot rose 7.9% to $161.57, even as the average home size shrank 12.0% to 1,815 square feet. These figures reflect a market where financing costs are a primary factor in affordability decisions. Shopping in Riverside Grove, Bastrop? Tell us what you want and we'll send matching homes as they list. Data from Unlock MLS. Information deemed reliable but not guaranteed. Model outputs are ALEX Intelligence estimates, not appraisals. Read more Central Texas market data on the ALEX blog: https://alex-companies.com/blog