The housing market in the Dallas-Fort Worth area continues to be very strong. Having weathered the financial and housing difficulties of past years admirably, properties in most areas of DFW have been gaining in value steadily, aided by a market that promotes fast sales. If you’re preparing a home for sale this spring, take a moment to learn a bit more about current real estate trends in DFW and how they may impact you and your property.
Real Estate Trends, By the Numbers
North Texas Real Estate Information Systems (NTREIS) prepares monthly reports on statistics ranging from median home prices to the average number of days a home will spend on the market prior to selling. These reports are released on or about the 15th of each month for real estate trends from the prior month. Checking out these monthly reports can help you build an understanding of what your own home selling experience may be like.
Check out these trends from January 2016:
- Median home price: $195,000, an increase of 8.3%
- New home sale listings: 9,831, an increase of 6.3%
- Average days on market, prior to sale: 51, a decrease of a whopping 23.9%
From these trends, you can distill that:
- You will be able to price your home higher than you may have originally expected, and
- Your home may have a lot of competition on the market, but
- Your home could quite possibly sell in a little under 2 months.
Great news all around!
Strike Now, While the Market Is Hot
Despite all of the current good DFW real estate trends, some economists caution that the area may experience a home selling slow down as 2016 progresses. It won’t be a bubble burst, but as growth in the job market possibly slows, so too may the housing market. So while home pricing dips are unlikely, growth may occur at a slower pace than experienced in 2014 and 2015. So if you’re tempted to wait to see how much more value your home may bring, you might actually be better off striking now while the market is really hot.
Spring Cleaning, Spring Selling
Spring is also a great time to sell a home because it’s a time where potential buyers may have more money on hand towards down payments and closing costs, thanks to receiving income tax returns. In addition, home buyers may be starting to look ahead to where they want to get their family settled prior to the start of the next school year. And for sellers, spring is a great time to show off spruced-up homes and newly planted gardens that reel in buyers through enhanced curb appeal. Paired up with favorable real estate trends, this spring looks like a great time to sell your home.
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