December 2022 saw dramatic changes in the Dallas Housing Market.
The median closing amount came in at $360,000. This being a 17.2% decline from $435,000 in December 2021.
As mentioned yesterday with Lewisville's market report, we are beginning to see sellers across the DFW Metroplex adjust their expectations and increase affordability for purchasers that have experienced more pressure with mounting mortgage rates.
Though listings were up 61.7% YOY, resulting in 1,082 houses on the market, months inventory remains limited at 1.6 months.
Days on Market increased from 29 in 2021 to 41 last month as purchasers sift through inventory and grapple with mortgage rate increases.
The combination of increased inventory, days on market and most notably, rate hikes have caused sellers as mentioned above, to rethink their marketing strategy as they look to sell their home.
Increasing affordability is the way to do this and with rates increased, listing amounts must come down.
Lastly, sellers in Dallas accepted offers that were 93.4% of the original listing amount on a median basis. Insightful information if you are a purchaser in the city of Dallas!
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Talk soon. Eddie.
