Dallas County Median Home prices increased by $6,145, up 11.8% from November of 2021!
The average days on market is now 70 compared to last month’s 62, overall 8 days more than November of 2021.
Tarrant County Median Home prices decreased by $5,000, still up 9.4% from November of 2021!
The average days on market is now 74, compared to last month’s 66, overall 15 days more than November of 2021.
Collin County Median Home prices decreased by $3,055 but still up 10.4% from November of 2021!
The average days on market is now 80, compared to last month’s 69, overall 14 days more than October of 2021.
Economic forecasts are tricky, what with so many state, national, and global variables at play (to say nothing about how a devastating weather event such as a hurricane or winter storm can reshuffle the deck mid-year). But using their collective understanding of current economic and market conditions and by looking at past market trends, the Texas Real Estate Research Center’s research team has made some educated guesses for 2023.
The mortgage interest rate’s annual average will likely be higher in 2023 than it was in 2022.
The recent increase in mortgage interest rates has been in response to both high levels of inflation and increases in interest rates from the Federal Reserve to combat inflation.
Interest rates will largely follow a similar path as inflation with similar forecast risk factors.
Existing single-family rent and price growth will moderate with the potential to turn negative on a year-over-year basis.
The rapid pace of rent and purchase price appreciation over the last two years was never sustainable and would have been forecast to slow even in the absence of other headwinds.
Source: Texas Real Estate Research Center and MetroTex Association of Realtors
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.