The city of Dallas is often too vast to create a real estate market analysis.
However, with the help of NTREIS and the Texas Association of Realtors, Market Viewer makes this possible!
For September 2022, listings in Dallas surged 22.6% to 1,599 versus September 2021. Closed sales also dipped simultaneously 12.8% versus LY- the recent spike in mortgage rates play a part here, pushing some buyers out of affordability in this market.
What's more, is that despite this surge in supply and attrition in demand, Dallas' median sales price held strong at $442,000, an increase of 4% YOY. While inflation continues to affect our local market, it's encouraging to see sales prices maintain stability as the Fed's rate hikes have been present since the end of the summer, affecting mortgage rates as mentioned above.
Median days on market ticked up to 33 days- 7 more than LY creating more equilibrium within our market in terms of seller vs buyer negotiating power.
Possibly most important, months inventory which gauges how long it would take to deplete current inventory, assuming no new inventory is purchased or enters the market came in at 2 months- 1/2 month more than September 2021. This figure should shine light on the current supply/demand of our market.
While it's expected for the Fed to once again raise rates in November- and how this will continue to affect our market, who knows!
But the facts are in... the city of Dallas is still experiencing a healthy market; some could argue that it's healthier than last year!
Be sure to check out my social media widgets on the homepage for our daily breakdown of the market and let me know your thoughts.
Talk soon. Eddie.
