Through 29 days in November, the Irving single-family residential real estate market remains in high demand.
Despite mortgage rates more than doubling year-over-year, the median sales price was $362,500 while closings declined 27%. Other key stats include 68 closings, $208.33/sqft and 16 days on the market.
This compares with the same period in November 2021 where 93 closings resulted in a median sales price of $365,000. 8 days on the market was the median at a time when sellers were in the driver's seat and mortgage rates were still record-low.
When you distill and analyze these numbers, it's a mixed bag. In one instance, to see sales decline YOY 27%, despite surging mortgage rates, speaks to the resiliency of the Irving market in-terms of demand.
Though inflation still needs to cool to increase affordability as prices decreased less than 1% YOY while rates again have more-than doubled.
If you are a well-qualified buyer, it seems to be a great time to partner with your realtor and negotiate with sellers.
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Talk soon. Eddie.
