Demand For Dallas Homes Continues To Rise Nov07

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Demand For Dallas Homes Continues To Rise

We’ve been preaching the good news about Dallas’ hot real estate market for months, and now there’s even more to celebrate. According to a new report from the National Association of Realtors, home sale prices in D/FW are up 6.7% in the third quarter from the same quarter last year. Not only have the Dallas and Fort Worth markets seen higher gains than our neighbors in San Antonio, our 6.7 % increase bested the US average of 4.9%. Austin and Houston also saw significant increases, growing by 9.3% and 8.5%, respectively.

The average selling price of a home in D/FW and its surrounding areas has been trending upward in months past, thanks in part to the number of new businesses and companies moving to the area. Our current market means those selling a home are likely to earn more for their home than anticipated. The amount of time these homes have remained on the market has also been on the decline.

The National Association of Realtors gauged over 170 U.S. markets from July to September to compile their latest report and found that, overall, the nation as a whole is showing signs of healthy home markets. While some markets like D/FW are seeing the average closing price of homes grow, there are many other metro areas around America that are seeing their prices return to average levels.

“Home-price gains returned to more normalized levels of low-to-mid single rate of appreciation in many metro areas as inventory levels steadily increased,” said Lawrence Yun, chief economist for the National Association of Realtors.

“Moreover there are a good number of local markets that are remarkably affordable with median prices at our under $200,000.”

The Dallas market is repeatedly being recognized for its strength, and it doesn’t look to slow down anytime soon. Though the supply of homes in the Big D is getting smaller, developers are continuing to inject money into the area for new communities and neighborhoods. Currently North Texas has a two and a half month inventory of homes available to buyers, but experts say low interest rates and an improved job market will bring even more buyers into the area next year.

Modtown Realty Group knows the Dallas and Fort Worth Metroplex better than any other real estate team and will help you find the right house that best fits your lifestyle. Modtown utilizes the most cutting edge technologies and marketing practices to help you find existing and brand new homes in neighborhoods you’ll love. Call the professionals at Modtown Realty Group today at (214) 521-8657!