The Dallas County real estate market for March 2023 is expected to be strong, with growth and stability showing in both the residential and commercial real estate sectors. The following statistics and trends give an overview of the market’s performance in this period:
Overall Market Conditions:
According to a report by Zillow, the median home value in Dallas County is expected to continue to increase into the future. It is projected to be 8.3% higher than in March 2022, which is a positive sign for homeowners and investors.
In addition, the number of listings in March 2023 is expected to increase slightly, creating a more balanced supply-demand ratio. The days on the market (DOM) indicator, which measures how long a property stays on the market before selling, is expected to remain stable around 60-70.
Residential Market Conditions:
The residential market in Dallas County is expected to remain robust, driven by ongoing demographic and population growth, low interest rates, and investors’ interest in the Dallas region. Some of the key trends that are anticipated in this market segment in March 2023 are as follows:
1) Strong demand for single-family homes: In recent years, there has been an increased demand for single-family homes with more space and outdoor areas. This trend is not expected to change, as households prioritize space, privacy, and access to outdoor amenities amid the COVID-19 pandemic.
2) Inventory growth: As inventory loosens and more homes become available for sale, there will be a higher number of choices available for potential buyers. This trend is likely to contribute to the market’s overall inventory balance, making it less of a seller’s market.
3) Rising prices: Prices are expected to increase, although this trend is likely to be slower than previous years. In general, prices will keep trending upward because of strong demand and limited inventory in some neighborhoods.
Commercial Market Conditions:
The commercial market in Dallas County is also showing positive signs of growth, thanks to several trends that are expected to continue come March 2023:
1) Increased demand for warehouse space: Warehouse and logistics space is expected to continue to experience high demand due to the growth of e-commerce and increased consumer demand for home delivery of goods.
2) Growth of tech and healthcare industries: High-tech firms and healthcare organizations have been expanding rapidly in the area, continuing to drive the commercial market. This expansion will lead to a heightened demand for office and industrial spaces.
3) Investment activity: The Dallas commercial market has been attracting significant investment in recent times, with investors picking quality assets even during the pandemic.
In conclusion, the Dallas County real estate market for March 2023 is expected to be stable and healthy in the residential and commercial sectors. The market is expected to benefit from a balanced supply and demand ratio, expanding inventory, and continued growth in several key industries.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.