In 2016, the seller’s market has solidified while buyers are eagerly snatching up homes as soon as they are listed for sale in the DFW Metroplex. Year to date Dallas real estate trends show that this area continues to be a leader in the nation for growth in the real estate market. Are you getting ready to buy a home, or preparing your own home to list? Keep these stats in mind as you work on your plan.
Homes Selling Very Quickly
MarketWatch notes that in the summer of 2016, almost as many homes are selling as are being listed. They note that in a specific seven-day period, 2,506 homes were listed and 2,305 were sold. That means the market is hot, hot, hot! These Dallas real estate trends show that supply is coming closer to not meeting demand. Simply put, the new houses are not being built quick enough to add to the market, and the continuous influx of new residents is turning to existing properties to meet their needs. If you’re a would-be buyer, this means that you need to make a great offer the first time around when you find a property that interests you, or someone could swoop it out from under you before you know it. And as a seller, this means that you can reasonable expect a very quick turnaround from listing to closing — and may even get multiple offers to consider.
Home Prices Rising
As always, when demand outpaces supply, property values rise. Many DFW residents have already experienced this rise, as local appraisal districts send out notices of the valuation used for property tax purposes. More rises in value are on the way, as well. In the past year alone, notes the Dallas Business Journal, values have risen by 9 percent. More dramatic than that, however, is that the average property owner has experienced a 43.3 percent gain in the past five years. That’s unprecedented — and really speaks to the sellers market that is currently dominating Dallas real estate.
Hot Dallas Real Estate Trends to Continue
Looking ahead, more growth is expected. And while sales of existing homes will continue to move quickly, almost 30,000 new homes will be built as well in new subdivisions springing up all over the Metroplex. Currently, the median home price on the Dallas side of town is $210,000 — a fully $67,000 more than five years ago, according to D Magazine. And among newly built homes, prices may easily top $400,000. Those Dallas real estate trends — with existing homes pricing almost $200,000 lower than new builds — may spell trouble for home builders, however. Income growth is not yet keeping pace with real estate pricing growth, meaning that many buyers are priced out of new properties and so must look at older neighborhoods. This is, again, good news for sellers looking to close quickly.
Overall, the Dallas and Fort Worth markets continue to be among the top in the nation for valuation and time from listing to closing. It’s a great time to be involved in real estate in these markets!
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