Irving has been one of the busiest real estate markets in Texas for 2022.
This narrative has carried to the tune of having 75060 (South Irving) selected as "The Hottest SFR Real Estate Zip Code" for Texas at the end of the summer by Texas Association of Realtors.
With $/sqft that surged well-above $200 on a median basis, inventory remained sparse.
As has been the case with several other cities, counties and states nationwide, recent Fed rate hikes have begun to way-down Irving.
The previous 7 days saw 13 closings result in a healthy $209.11/sqft, 6 days on the market and $302,000- all on a median basis. Clearly showing that while demand seems to continue for well-priced and quality inventory, we might not be seeing the full picture. It typically takes 1-2 months for properties to close, resulting in closings that might have occurred prior to rate hikes.
More so, 158 active listings to the 13 closings means, if each week was identical to this week for Irving, there would be over 12 weeks of inventory or 3 months. This compares to between 0.5-1 month of inventory throughout early 2022 for Irving,
Supply/demand ratios will continue to be a key analytic for the Irving real estate market.
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Talk soon. Eddie.
