Denton County recently reported how the housing market compared- looking at November 2021 vs 2022.
Most notably, while Dallas County saw listings increase over 60%, cities in Denton County such as Lewisville, Carrollton and Prosper experienced a staggering 155% increase in November vs 2021. This means there are currently 4,566 listings on the market versus 2,946 last year.
Insane!
Another metric that helps guide this data is months inventory which gauges supply/demand in the housing market. Where the sizzling 2021 market saw .8 months of inventory, it has increased to 2.4 months recently.
With days on market at 43 days, buyers are in complete control, sifting through listings not overly concerned about not being able to find their next house.
The median sales price did increase 8.4% to $450,000, continuing to show how sellers have been stubborn with their valuations of their homes and also how this is affecting affordability in terms of buyers' monthly payments.
The message for sellers needs to be continuing to be proactive and ensuring their home is competitively priced- if not, being left behind!
While buyers need to focus on the value of building equity, finding the home they truly want to own and making an offer that reflects the current market.
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Talk soon. Eddie.
