As the spring season rolls around, we can usually count on a few things happening. The weather gets a bit warmer, the flowers begin to bloom, you will inevitably pay your taxes (hopefully on time) and the real estate market will pick up. Every year, like clockwork, the real estate activity picks up around March and April. The home sales prices go up, the number of homes for sale increases and the average percentages of the final sales prices versus the original list price goes up. We feel and see this in the conversations we have with neighbors and clients and the physical signs that we see in yards across the metroplex.

As of the end of February, the median sales price for homes in the Dallas/Fort Worth metroplex was approx. $371,000. While that figure may seem high to some, it’s almost the same amount it was in March of 2022. For the past 3 years, the median sales price of a home in DFW has held relatively steady, after seeing huge increases from January of 2021 to early 2022. I feel like it’s important for me to state that he $371,000 sales price is not reflective of a lot of communities and counties across Dallas and Fort Worth, due to the diversity of neighborhoods, types of homes and new construction. For example, the median sales price for a home in Lakewood and East Dallas is approx. $873,000. On the other side of Central Expressway, about 30 minutes west, is Irving. The sales price of a home in Irving is approx. $385,000. If you travel about 45 minutes back east of Dallas, you can find homes for sale in the city of Caddo Mills for approx. $283,000!  This is one of the many reasons I love the Dallas/Fort Worth metroplex – there’s something for everyone!

For those thinking of selling your home, the time to act is now! More and more buyers are entering (or re-entering) the real estate market, as interest rates continue to level out or drop a bit. Currently, the 30-year fixed-rate mortgage is 6.5%. The interest rate was slightly over 7% a few months ago, so things are headed in a positive direction. Another good metric to look at for home sellers is the “percentage of original list price”. This percentage is currently on the rise, which typically happens in the spring and summer. Currently, homes are selling for around 96% of what they were listed at. At the same time, there are also many homes that are selling for what they were listed at, or even higher. Each situation is different, each seller and buyer motivations are different, and each appraisal is different. In addition, because this is a decently balanced market, it’s also a good time for buyers to search for homes across the metroplex. There are still opportunities to be had everywhere, and investors are continually finding good investments for their portfolios. Currently there is approx. 4 months of inventory on the market, which means that if every home on the market sold, it would take 4 months. According to MLS, there are approx. 40,000 homes for sale across the DFW metroplex.

As always, please reach out to me if you have any questions regarding the real estate market. There are nuances at every turn, so make sure you have a great real estate team guiding you through the process, whether that be buying, selling, renting or investing.

Median Sales Prices by County:

Collin – $480,000 (-.7%)

Parker – $450,000 (-7.1%)

Denton – $445,000 (-.1%)

Rockwall – $412,000 (+.5%)

Ellis – $407,500 (+5.7%)

Dallas – $370,000 (+.3%)

Tarrant – $347,500 (+1%)

Johnson – $346,000 (+.9%)

Kaufman – $323,000 (+2.6%)

Hunt – $289,500 (-.2%)