As November nears a close, the single-family residential real estate market for The City of Dallas reported figures that were in-line with October 2022, despite sales decreasing significantly.
When comparing 10/1/22-10/28/22 to 11/1/22-11/28/22, Dallas saw sales decrease over 29% while the median sales price increased 1%.
At this time in October, the SFR market included 580 SFR closings, $236.52/sqft, $486,000 and 19 days on the market.
Analyzing the same period through November, the SFR market has seen 411 closings, $234.96/sqft, $490,000 and 24 days on the market.
The challenge to these statistics, is though sales dipped almost 30%, the median sales price continued to climb due to inflation. Look for the Fed to once again increase rates by a projected .50 basis points at their next meeting in December. Hopefully 2023 will see rate hikes begin to dissipate.
The optimism continues to be in the hands of buyers as days on market continues to creep up. Though rates have increased, buyers have continued to see listings flood the market while being able to take their time reviewing homes that suit their needs.
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Talk soon. Eddie.
