The Dallas County Real Estate Market remains hot!
While borrowing costs have doubled compared to this time last year, the median sales price continued to increase year-over-year at $348,000.
This being a 1.8% increase versus February 2022- while still not a positive for purchasers, the rapid increase we saw in the sales price in mid-2022 has definitely cooled off.
Listings have surged YOY by 80.8% representing 1.7 months of inventory. These figures still represent very modest inventory and with continued demand throughout the DFW Metroplex, there's no question as to why the median sales price has been able to maintain the rise despite affordability decreasing.
Days on Market increased from 35 to 50 YOY, helping to keep sellers "honest," however with sales down just 18% vs last year, it's clear that purchasers have adjusted to the current market and are banking on refinancing when rates inevitably come back down.
There is opportunity for both purchasers and sellers in this market. With listings up 80% YOY, it's a better time to find the home you LOVE! For sellers, you are still able to command a profitable closing price in most cases as well.
For more information, click on "Contact" above.
Talk soon.
Eddie
