The past few months have brought crippling volatility to the economic environment nationwide creating pronounced effects in our local single-family real estate market.
Lewisville, TX has been one of them.
However, looking at the previous 30 days in Lewisville in comparison to 2021 when rates were low and the SFR real estate market was sizzling, we have an interesting scenario.
While sales dipped 14% or -11 closings YOY, there are parts of the country that are experiencing 30%+ decreases currently.
This shows the resiliency of the DFW market and specifically Lewisville. The median sales price for November increased 15% to $433,000 despite doubling interest rates YOY continuing to decrease affordability for homebuyers and amplify the effects of inflation.
Days on market did increase as well from 6 days in 2021 to 17 last month creating the following scenario:
If you have the means to purchase in this market, you will be able to locate your ideal home as they are staying on the market longer simply as an effect of the increased supply that we have seen this fall.
Date the rate, marry the house!
Talk soon. Eddie.
