Sound the alarm, wait don’t; Dallas Metro Market Update 2019
Published | Written by Racheal (Rach) Potter
For many, the real estate market ended on a flat note in 2018, leaving us all feeling a little anxious about 2019. As we crept into January, the market started to level out. What do I mean by that? Well, our listed properties started to receive a more normalized amount of showings and homes that had been sitting for 60 plus days went under contract. In fact, a few of our listings received multiple offers after a few months on the market.
Buyers for the last two years have experienced what I call “buyer fatigue.” They had lost out on their favorite homes, saw in excess of twenty plus homes, and basically gave up after losing in multiple offer scenarios. Good news, buying a home is easier than it has been in a few years, especially for our move-up buyer and first-time home buyer communities. A move up buyer can sell his/her own personal home fairly easily in the current market and still find a good deal on the next level of home. The higher end homes, $400k and up, are taking a little longer to sell than in recent history. So, a move up buyer can essentially have his/her cake and eat it too!
For my fellow number nerds out there, I leave you with real stats in case you don’t want to hang your hat on a “feeling.”
The overall DFW market saw a 1% decline from December 2017 to December 2018 in the number of pre-owned homes sold. However, let’s keep in mind that in 2017 we had nowhere else to go but down! 2017 was a banner year that will likely not be topped for many years from now. Dallas and Collin counties were down 4.3% and 2.3% respectively in the number of homes sold. For those of us that are homeowners, the good news is that DFW as a whole saw an average of 5% price increase over the last 12 months. Dallas and Collin counties enjoyed a 3% and 1.1% price increase respectively. So while the number of homes sold dipped slightly, the average home prices are on the rise!
If you’re curious what your home will sell for or what your purchase power is, contact the Housed Real Estate team at Keller Williams for help! 214.888.6864 or firstname.lastname@example.org