As spring begins to turn into summer, the Real Estate market in Dallas/Fort Worth is also heating up. Texas continues to be amongst the top cities that people are moving to from across the U.S. In 2023 alone, the Dallas/Fort Worth metroplex added over 100,000 people, moving from both other states and other parts of Texas. For me personally, I can see and feel the migration to Dallas, both in the amount of traffic I encounter when showing houses and in new construction developments and new apartment complexes. There are so many opportunities that exist for both buyers and tenants, with more and more housing inventory hitting the market almost every day.
The price of home sales continue to rise, with the major counties in the DFW metroplex all experiencing increases in the last month. As of March, Dallas County saw an average sales price of $541,00, an almost 15% increase. Since Dallas County is so large and diverse, it might be helpful to use a median statistic. The median home sales price in March for Dallas County was $371,000. Tarrant County saw a median sales price of $345,000, Collin County saw a median sales price of $490,000 and Denton County saw a median sales price of $461,000. Because home sales prices are rising and the mortgage interest rates are also rising, it’s easy for some people to feel overwhelmed when looking to buy a home. However, not only are there creative solutions to purchasing a home and not breaking the bank, but there are opportunities everywhere to still buy that dream home at an affordable price. The average time a home sits on the market is currently around 56 days. If you have a great financial team around you and know what pockets of the metroplex to investigate, you can find motivated sellers that are willing to work with buyers to make a move.
One of the more notable areas of increase from February to March was in new listings that have hit the market. Overall, according to NTREIS (our North Texas Real Estate Information Systems) the number of new homes to hit the market is up 12.1%. There were 15,802 new properties for sale, compared to 12,152 in February. In addition to more homes and properties becoming available, there was also an increase in closed sales across the metroplex. In March, approx. 9,505 properties closed, compared to 8,043 in February and 6,468 in January. We also continue to see price decreases in properties that sit on the market too long.
Overall, it’s a great time to live in the thriving Dallas / Fort Worth Metroplex! We are the fourth largest metropolitan area in the U.S, only behind Chicago, Los Angeles and New York! There are tons of opportunities for people looking to rent a home, purchase a property, invest in real estate and maximize your equity and appreciation while selling your home and making your next move. If you ever need any specific information on a particular community, city or county in the DFW metroplex, or just want to chat about the Mavericks, Stars or the reigning World Series Champion Texas Rangers, feel free to reach out!!