Real Estate activity seems to always pick up once spring rolls around. The sun is out, new beginnings are on the horizon and opportunities are everywhere! New listings almost always see a spike and that seems to be the case again this year. According to NTREIS (North Texas Real Estate Information Systems), January saw over 12,000 new homes hit the market for sale. That’s the highest “new listings” number in January since 2020. Compared to a year ago, the number of new listings is up almost 12%.
NTREIS is a system that provides the MLS (Multiple Listing Service), which is a database owned by 16 cooperating Real Estate Associations in North Texas. I am personally involved with the Metrotex Association of Realtors. Fun fact: there are approx. 57,000 active users and real estate agents who access and use the NTREIS system to help Sellers list properties, help Buyers find properties and many other functions regarding real estate.
As of January 31st, the average home sales price in the Dallas/Fort Worth Metroplex had rose to approx. $445,000. Even though that is up about 4% from a year ago, it’s down slightly from December. Home prices have continued to drop slightly, as houses are remaining on the market for an average of 60 days now, up 7% from last year. Just for reference, the average sales price in Dallas County is $500,000. The other major counties have a sales price of $410,000 (Tarrant), $487,000 (Rockwall), $524,000 (Denton) and $532,000 (Collin). Overall, according to the home data in NTREIS, homes are selling for an average of 96% of the original list price. Just in the last week, we’ve seen 464 price decreases on homes across the metroplex (compared to 523 new listings).
On the financial front, mortgage interest rates have risen slightly to 6.90% for a 30-year fixed rate mortgage. According to Freddie Mac (the Federal Home Loan Mortgage Corporation), rates are down from last fall, but have remained steady as we head into the spring. It’s still very important to work with a trusted local mortgage lender, who can offer guidance and support on financial items that impact a loan, such as credit score, debt to income ratios, assets, etc). If inflation continues to come down, there’s a good chance interest rates will go down as well.
As a whole, the real estate market is definitely more “balanced” than it’s been in the past few years. The Dallas/Fort Worth Real Estate market is still one of the hottest in the nation, and the DFW Metroplex is still a sure bet when it comes to investing in real estate and property appreciation. If you ever need any specific information on a particular community, city or county, or just want to chat real estate and the market, feel free to reach out!