Whether they live in Hunt County or Rockwall County, Royse City homeowners will no doubt see a big increase in property values when notices hit the mailboxes next month.
In Hunt County, notices will be mailed April 14. In Rockwall County, notices will be sent on April 11.
Chief appraisers in both counties report the same pattern: low supply and high demand are driving up market values.
In Rockwall County, the median home price is up nearly 29% from a year ago, said Rockwall County Chief Assessor Kevin Passons. In Hunt County, the median price increase is also 29%, according to Chief Assessor Brent South.
“We’re seeing things happening in the real estate market that I never dreamed of,” South said recently. “Some of the sales information that comes through our office is mind-boggling. I don’t understand it, but it’s there and it’s real and it’s happening.
South and Passons say the appraisal district is bound by the Texas Tax Code and must appraise the property at 100% of market value.
“We have no choice, we cannot ignore the market. We need to adjust these values based on what’s happening in the real estate market,” South said. “I can promise you that we are not making this up. We don’t raise people’s values because we like it when you all come into our office and in the summer and get mad at us. If we didn’t have to increase the values, we wouldn’t. But we have a mandate; it’s our job.
Due to a scorching housing market, the average home value in Hunt County has increased from $180,000 on January 1, 2021 to $212,000 on January 1, 2022. The median sale price has increased 29% per compared to this time last year. . The median sale price today is $275,000. Last year it was $213,000.
Commercial property is also increasing in value in both counties, and rural land values are skyrocketing.
In Hunt County, land values have increased by 20% to 75%.
“We see developers coming into Hunt County, and if it’s a large, developable property, they buy it,” South noted. “They’re buying every property they can get their hands on.”
Said Passons: “They don’t make (land) anymore and the developers buy it to develop. A lot of people are coming from out of state and moving from the Metroplex further east, which also drives up those prices.
In both counties, homes sell quickly and they sell for 100% or more of list price.
“If you put your house on the market for X dollars, that’s probably what you’ll get, if not more,” South said.
The average number of days a home in Hunt County is on the market averages 12 days. For many standard homes, the time on market is more like four to six days, according to South.
The two chief appraisers also stress that people who are unhappy with the value of their property should absolutely contact their offices. But if people aren’t happy with the amount of taxes they’ll pay, they should speak up with their county, city, or school district — the government entities that set levies and set tax rates.