State of the Dallas Market
Dallas real estate continues to push the limits on home sales. It is incredibly uncommon that there are almost as many homes being sold as there are being listed. It is a sign that there is an overwhelming demand and little supply. As individuals relocating to the Dallas area increases, so do the price tags on Dallas homes. In fact, recent Corelogic & Case-Shiller reports show the cost of Dallas homes up by 9%. While home prices continue to rise, the sale of homes is also up by 10%, with the average days on market hovering around 34 days since 2015. Don’t expect the Dallas’ Real Estate Market to slow down any time soon.
It’s still a great time to buy or sell a home. Low inventory is a result of fewer homes being listed or built fast enough for our growing population. The scarcity of homes and relocation are currently driving the market. With “walkable” areas still in high demand among millennials, generation X, and baby boomers; urban areas are being flooded with potential buyers driving the market values higher. Suburban living has also gained new momentum due to the demand for newer, larger, more affordable homes.
Although consumer income is not growing with the market, the low interest rates are giving people the opportunity and desire to buy now. Interest rates range from the mid to high 3% to the lower 4% depending on the buyer’s purchasing ability which includes credit score, down payment, and employment history.
Appropriately priced homes are going off the market quickly. The $1,000,000+ market has seen a slow down with an increasing inventory not moving. Homes under $750,000 still sell relatively quick if listed at market value and updated, move in ready. The same goes for homes under $500,000, if priced at value, they’re nearly off the market as fast as they are listed. However, the estimated population growth may help the Dallas market in the foreseeable future by maintaining market values through economic downturns, compared to other major cities.