1. Real Estate Market Overview

The real estate market in Dallas is currently experiencing a boom. According to the Texas Association of Realtors (TAR), home sales have increased at a rate of 6% since the beginning of 2019. In addition, mortgage rates have decreased, making buying property easier than ever before. As a result, buyers are purchasing more homes and investors are selling their houses faster.

2. Home Values

Home values continue to rise in Dallas, especially in the Uptown area. The median price of a single-family home in Dallas went up to $250,000 in January 2020, compared to $209,000 last year. Homes in North Oak Cliff are the most expensive, with a median value of $500,000. Single family homes in the South Dallas area are the least expensive, with a median price of $150,000.

3. Inventory Levels

There is still a lot of inventory out there. The TAR reports that there were about 40,000 unsold homes in Dallas County in December 2019. However, they expect this number to decrease significantly over the next few months.

4. Buyers’ Market

Buyers are becoming increasingly competitive. Since 2018, the average days on the market for homes in Dallas has dropped from 80 to 60 days. Prices are rising, which means that buyers are able to purchase homes for less money.

5. Sellers’ Market

On the flip side, sellers are getting more aggressive. More homeowners are listing their homes for sale. If you want to sell your house fast, you need to list it now.

Legal Notice