Being a week into December, we can now review how the Dallas single-family residential real estate market capped-off November 2022 and how it compares to 2021.
It's worth noting that these statistics are based on NTREIS a source utilized by North Texas realtors. Though statistics should be accurate, official comparisons versus 2021 might adjust at a later date.
November 2021 brought 754 closings and medians of 12 days on the market along with $209.26/sqft or $403,950. This was a time when mortgage rates were half of what they are in today's market as listings were sparse and demand far-surpassed inventory on a monthly basis.
Fast-forward to November 2022 and closings dipped 31% to 519 while medians included 22 days on the market, and $225.61/sqft or $458,900. These figures represent a 12% increase year over year in terms of sales prices for the month of November.
Housing affordability has continued to challenge buyers with current rates. Though there has been an influx of listings, allowing purchasers more options in terms of inventory, seeing increased prices while sales dip will seem to be the key challenge approaching 2023.
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Talk soon. Eddie.
