Dallas County remained stubborn throughout the end of 2022 in the housing market.
Despite rapidly increasing rates by the Fed, resulting in decreased affordability for home purchasers, housing amounts stayed on-par with early 2022 figures when rates were around 3%.
This created a deadlock in a market that continued to see high-demand.
Fast-forward to the present day and Dallas County reported that December resulted in a median sales amount of $329,000- decreasing from $356,145 in November!
That's a decrease of $27,145 on a median basis!
This is significant as purchasers that have been on the sidelines have more opportunity than ever to bid beneath recent listing amounts and win their dream home.
Days on market increased from 39 to 41 days in December while listings surged 74.9%.
All power seems to be in purchasers hands heading into 2023, though affordable mortgage rates will continue to create challenges on the financing end.
The hope is that the recent decrease in sales amounts will balance the higher rates.
Lastly, months inventory which gauges supply/demand decreased from 2 months to 1.7 months in December.
Looking at the months inventory alone, Dallas County is still a high-demand market!
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Talk soon. Eddie.
