I had a call on Saturday from a friend who had received her property tax notice. She was upset, near tears,  because her home’s value had been more than doubled in the past year. While hers is an unusual case, I have spoken to several neighbors whose appraisals appreciated by 15-30%. If you are planning to protest your appraisal, you may want to take a look at this page and take a moment to look at the data behind these increases. (The document can be downloaded here: 2022-04-30_Country Place Comps.)

If you look at the average and median numbers above (highlighted in yellow), you’ll see that the list price is lower than the sold price. These sales include several homes in need of extensive repairs and/or updates.

While Tyler’s numbers aren’t as dramatic as Austin’s (median price now at $499,995), they are unprecedented for East Texas, where home prices have typically increased 3-5% a year. In the infographic below, you can see that 2021 saw an almost 14% increase in the median price of a Tyler home.

With the big wave of metropolitan and blue-state refugees flooding into our area, Smith County is going to have a hard time expanding the infrastructure to accommodate all this growth, so they are being aggressive with property taxes.

19651 Oakmeadow Circle, Country Place. Recently sold home.

In spite of Covid and the lack of home inventory, we have had a lot of real estate activity in Country Place this summer with some historically high prices. The home at 18940 Big Timber Rd closed on the 18th at $129.41 a sf. The home at 3040 Ridgetop closed on the 16th at $108.98 a sf. The Terrell’s sold their home on Jo-Bar for $140 a sf. Richard Idell’s home at 19710 Copperoaks Drive is under contract now. We sold the Ouelette’s home at 19651 Oakmeadow Circle in June for $174 a sf. Country Place continues to be a sought-after address for many and we maintain a list of folks who’ve contacted us hoping to join the party. I ran across a gentleman yesterday who is hoping to move his family here and I am having to email him to let him know that the contract on the Idell’s home is solid and headed to closing soon. There are many new neighborhoods being put in around us but none with the sort of elbow-room and sense of community we offer here.