Here’s what our Dallas-Fort Worth market looks like these days.
What do past years tell us about our current real estate market? Everyone has been asking whether or not our market has been cooling off lately. You may see national or local headlines that suggest it.
However, compared to the statistics of years past, we’re on track with the same number of sales. Historically, the number of homes that sell in the fall and winter months is always lower than in the spring and summer. We currently have a one-month supply of inventory, and equilibrium is considered to be a three-month supply. With such a shortage of inventory, we’re still very much in a seller’s market.
The average price here in the Dallas-Fort Worth metroplex is now over $415,000, which is an 18% increase year over year. We also track how many days it takes a home to go from listing to contract. At this time last year, we had an average days on market of 41; right now, it’s 22. Our market is still extremely strong, so don’t let national or even local headlines dictate your real estate behavior.
Odeta Kushi, Deputy Chief Economist of First American recently said: “It’s not the white-hot market from earlier this year, and it’s not the 2020 market benefitting from a wave up pent-up demand, but make no mistake, this is still a very hot housing market.”
It always begins with a conversation. Regardless of whether this is a good time for you to buy or sell, we can provide the information that’s relevant to you. You want to get your information from a trusted real estate advisor.
As always, I appreciate the opportunity to be your residential real estate resource. So if you have any questions about our market or another real estate matter, call or email me. I would love to help you.