The spring real estate market is fully upon us, and honestly, it's my favorite time of the year (both professionally and personally). Buyers are busy looking for homes, new homes are popping up for sale almost every day and in general, things appear to be more balanced in the DFW Metroplex real estate world.
In addition to pre-owned properties and homes, the new home construction market is still as hot as ever. In 2023, the Dallas-Fort Worth Metroplex ranked Number 2 on the list of Metro Areas that have the highest new home construction. That list includes Houston (Number 1), New York City, Phoenix, Atlanta, Charlotte, Austin, Orlando, Nashville and Los Angeles. The booming new construction market is just one way the DFW Metroplex is keeping up with the rising population growth. Home builders are offering a ton of incentives for home buyers, given that they have a lot of inventory. Some incentives include lower interest rates and money applied to closing costs. You can always contact me for an updated list of home builders in the metroplex and current incentives based on community and county.
According to NTREIS (North Texas Real Estate Information Systems), the average sales price of a property (including single family homes, condos, townhomes and land) remained steady around $444,000. For reference and clarification, NTREIS covers a wide area in North Texas, spanning north (almost) to Oklahoma, west to Abilene, east to Tyler and south to Waco. NTREIS includes 58 counties, with multiple MLS systems that Realtors utilize.
As of February 31st, there were approx. 14,000 new listings, versus 12,000 in January. There were also approx. 8,000 closed sales, versus 6,500 in January. So across the board, more homes are closing in relation to the number of homes being listed. Properties are also staying on the market for approx. 61 days, which is about the same as it was in January. There are still approx. 30,000 properties still on the market as active listings in NTREIS.
On the financial front, mortgage rates have dipped a bit to 6.87% for 30-year fixed rate mortgage, according to Freddie Mac (the Federal Home Loan Mortgage Corporation). Most housing experts agree that mortgage rates will continue to fall, hopefully to 6% later this year. That decline will depend on how quickly the Fed begins to cut rates. If you'd like a more in-depth analysis on mortgage rates, the financial impacts on mortgage rates and anything related to a home loan, contact me and I can get you in touch with my trusted Mortgage Loan Officer.
In summary, the Dallas/Fort Worth real estate market is still very balanced, as it compares to last year. Consumer confidence is on the rise, and the springtime always brings out more participants in the real estate space. 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!