The Dallas/Fort Worth Metroplex is continuing to experience population growth in record numbers, almost daily. DFW added approx. 152,598 residents between July 2022 and July 2023. According to the U.S. Census, almost 8 million people now call the DFW Metroplex home, after the region experienced the largest population growth of any metropolitan area in the country last year. D Magazine reports Collin County welcomed 28,886 people, Denton County has 23,090 residents with new addresses, Tarrant County added another 14,000 people and Kaufman County added around 12,000 new people to it's fast growing community. These numbers do not include births and only include people and families who made a decision to move to one of these suburban counties. A U.S. News & World Report article titled "These Are The 10 Fastest-Growing Counties in the U.S", includes 6 Texas counties on the list. The DFW Metroplex has 3, including Kaufman County (ranked #1), Rockwall County (ranked #2) and Ellis County (ranked #8).

There are many new developments, in and around Dallas, to accommodate both people moving here and companies and businesses calling DFW a home. One exciting development is the Field Street Tower, which is estimated to be completed in 2027. Field Street Tower will be located near Klyde Warren Park, the Perot Museum and and the Arts District. According to their website, "The Dallas skyline has a new centerpiece – the gateway to the city’s most important points of Commerce, Arts, Entertainment and Lifestyle". Field Street will be a mixed-use commercial office tower and at 600 feet in height, it's expected to be the tallest office tower to be built in downtown Dallas since the 1980's. The building will include approx. 7,733 square feet of leasable tenant space, a 6,500 square foot conference center and a Sky Lobby on the 16th floor. The Dallas skyline continues to change and grow, and that makes this a very exciting time for the Metroplex!

The residential housing market continues to be strong as well, with opportunities existing for both buyers and sellers across the DFW Metroplex. According to NTREIS (our North Texas Real Estate Information Systems or MLS), the average sales price for all property types across all of North Texas is currently $469,000. That is actually up .6% year over year, but it's down slightly from May, and it appears that it will continue to decrease as we head into the fall. For the major counties in the DFW Metroplex, the average sales prices are:

Denton County - $585,000 (+5.5%)

Collin County - $578,000 (-2.5%)

Dallas County - $512,000 (-6.6%)

Rockwall County - $498,000 (-1.8%)

Tarrant County - $434,000 (-1.8%)

Two other interesting statistics I like to watch are the "Days on Market" and the "Percentage of Original Price". The "days on market" is the time period from when a property is listed on the MLS or "market" to when it closes. The "percentage of original price" is the % of the final sales price of a property compared to what it was originally listed for. So if a house gets listed at $500,000 and ends up selling for $475,000, it would end up with a 95% sold vs. list price. The average percent across all of North Texas is currently 94.8%, and that number is continuing to decline from May of this year. The "month's supply" of homes on the market is on the rise, and that, coupled with falling sales prices and price reductions means that we are in a more a balanced market for both home buyers and sellers. The current "month's supply" of homes is 4.6, meaning that it would take approximately 4 1/2 months for all of the current housing inventory on the market to sell. 

According to Freddie Mac, "Mortgage Rates Continue To Tumble". Declining mortgage rates are always a good sign for home buyers, reviving purchase and refinancing demand for many consumers. The current mortgage rate for a conventional 30-year fixed rate mortgage is 6.09%. Many industry professionals believe that we will see these rates reach 6% and below, which will most likely produce a new influx of home buyers into the market. We haven't seen mortgage rates under 6% since September of 2022!

All in all, I'm excited by the current real estate market in the Dallas/Fort Worth Metroplex. Mortgage rates are down, home sales prices are down, DFW continues to be a destination for both new residents and new businesses, and new developments are not slowing down anytime soon. As always, feel free to reach out to me with any questions, and if you'd like to have a conversation about the real estate market in your specific neighborhood, I'm always available to chat!