Here is a look into what the current Dallas Fort Worth Housing Market Update is doing.
While home prices are slowly decreasing, they are still up from where they were at this same time in 2021. We are also starting to see that the average days on market are also slowly decreasing in a few of the counties, meaning that homes are selling slightly quicker than they were last month. Overall, as of now, the housing market is holding steady. If you are a seller you still need to make sure your homes are priced accurately or you may be looking at higher days on market. As for those looking to buy but may be scared off due to the housing market, let’s look at the real pros and cons.
The pros of purchasing a house right now are that:
Sellers are open to paying closing costs.
Sellers are open to repairs.
Sellers are open to price negotiations.
Sellers are open to taking less than the listing price.
Sellers are open to inspection negotiations.
Homes aren’t selling as quickly, giving Buyers more time to think and make decisions.
Sellers are open to a longer closing date, not rushing Buyers.
Sellers are open to contingency contracts.
Sellers are not asking for waivers of Appraisals or Home Inspections.
Buyers aren’t dealing with nearly as many multiple-offer situations to compete against.
The cons of purchasing a home right now:
Home Interest rates are higher.
Dallas County Median Home prices decreased by $2,750 but are still up 11.1% from October of 2021!
The average days on the market are now 62 compared to last month’s 61, overall 2 days more than October of 2021.
Tarrant County Median Home prices increased by $2,000, up 12.7% from October 2021!
The average days on the market are now 66, compared to last month’s 61, overall 11 days more than October of 2021.
Collin County Median Home prices decreased by $20,000 but are still up 12.4% from October of 2021!
The average days on the market are now 69, compared to last month’s 72, overall 7 days more than October of 2021.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.