Devonshire Market Update

Every quarter we compare the changes in key Devonshire housing statistics, highlighting year-over-year changes. The median home price increased from $368,600 in Q1 2024 to $384,600 in Q1 2025, reflecting a 4% rise. However, the median price per square foot ($/SF) declined slightly from $167 to $165, representing a 1% decrease.

The median interior square footage of homes grew from 2,333 SF to 2,448 SF, a 5% increase, indicating that larger homes were being sold. The median lease rate also saw a modest 2% increase, rising from $2,600 to $2,650, including all types of housing.

The number of homes sold experienced the most dramatic change, jumping from 57 in Q1 2024 to 85 in Q1 2025, a 49% surge. Similarly, the number of homes listed grew from 169 to 209, marking a 24% increase and suggesting greater market activity and inventory. Despite this increased activity, homes took longer to sell, with the median days on the market rising from 79 days in Q1 2024 to 88 days in Q1 2025, an 11% increase.

Overall, the Devonshire housing market appears to be expanding, with more homes being sold at higher prices and larger properties becoming more common. However, homes are staying on the market longer, possibly due to increased inventory or shifts in buyer behavior.

While home values are appreciating, the slight decline in price per square foot suggests that buyers are prioritizing larger spaces. The rental market remains stable, with a modest increase in lease rates, indicating continued demand and improving fundamentals.

As noted in the bottom-right footnote of the data chart, the Median Home Price is now calculated excluding any seller contributions, offering a more precise reflection of property value changes in Devonshire. Seller contributions typically elevate the reported sales price, but they effectively reduce the actual amount buyers need to pay.

For personalized real estate advice from a Devonshire expert, call Brendan Hirschmann, REALTOR® at 972-559-4648. Brendan can provide you with the insights and guidance you need to navigate the current market trends and make informed decisions.