The DFW Metroplex remained resilient in May 2023!
The median closing amount declined 5.8% to $405,000 vs the same period in 2022. This an attempt by sellers to create more affordability for purchasers struggling with increasing Federal Reserve rate hikes.
With the Fed poised to hold additional increases at least for the month of June, it will be interesting to see how the housing market responds,
Despite rates being nearly double what they were YOY, sales (the number of homes sold) declined just 2% YOY. This being an impressive feat for the Metroplex and how resilient the market has continued to be despite inflation and the rate hikes mentioned above. More so, 2022 saw a record housing market, specifically in DFW. To be near-even with last year in terms of sales volume, shows the growing environment that DFW continues to create.
With listings up 49.6% and Days on Market increasing 204% vs 2022, it's imperative sellers list their homes correctly. With listings continuing to surge, it's clear that the market is still rewarding sellers that are realistic with their listing amounts, while those that don't are being punished
Sellers: ensure your Realtor is accurately listing your property, staging correctly and requesting feedback from purchasers and their agents.
For more information, click CONTACT above!
Talk soon. Eddie.
