Prospective homebuyers in the metroplex face a significant decline in housing market available for purchase due to decreased production of new homes over the past year.
The city saw a 53.3 percent year-over-year decline in housing market inventory in January 2022, more than three times the national average.
According to Compass real estate brokerage, the number of properties sold in Dallas fell 8.6% in January 2022 compared to January 2021, more than three times the national average drop of 2.3 percent.
Also, the median sales price in Dallas increased 16.2% in January 2022, compared to January 2021. Dallas’ median sales price of $315,000 edged closer to the national average of $350,300.
Home sellers are reportedly receiving multiple offers for their properties due to the housing shortage.
Senior managing director for Compass EA Stribling-Kivlan said, “It is not uncommon for a property in the Dallas housing market to get upwards of 50 bids, many of which are cash, with full appraisal waivers, speedy closing dates, and no option period.”
Luis Torres, a housing economist for Texas A&M Real Estate Research Center, believes the rise of Dallas residents is a crucial part of the problem because homebuilding cannot compete with the growing population. He says people are not only moving in from other states, but 80% are also coming from different parts of Texas to Dallas-Fort Worth.
He adds, “I think the lack of supply has been a major issue, and we saw that before the pandemic.” He says that the pandemic pushed things to their limits.
At the end of January, there were 1,649 properties on the housing market in Dallas County, compared to 3,533 in January 2021.
Sellers are getting the full asking price for their homes in the Dallas area. In January, homes sold for 100.1 % of their asking price, compared to 97.4% in January 2021.
