Welcome to this month’s real estate market report for the North Texas area, including the counties of Collin, Dallas, Denton, Grayson, Kaufman, Parker, Rockwall, and Tarrant. What is the market for single-family homes like in those areas? The year has started with lots of demand for homes which has caused prices to increase and overbidding for homes is a common situation for buyers. Find out more about North Texas real estate with this helpful report.
Are you trying to find the perfect home to buy in North Texas? Start your search here with our easy-to-use home finder tool! Locate properties by price, size, location, and more! Once you find a property you want to tour, save it to your favorites then sign up to be notified as soon as new, matching properties become available so you don’t miss out! Get started today!
If you are thinking of selling your home the first thing to do is find out how much it may be worth. You can do this by using our free home valuation tool. Simply enter some basic information about your home and we will provide you a comprehensive market summary with a suggested listing price for your home. Give us a call and we’ll help you get started!
North Texas Housing Stats
In the North Texas counties of Collin, Dallas, Denton, Grayson, Kaufman, Parker, Rockwall, and Tarrant at the beginning of February 2022 had a total of 1,358 new listings to hit the market, 1,760 single-family homes were pending sale, and 1,596 single-family transactions had been closed.
While the month of February started strong for new listings in the North Texas area, listings fell over the month from 1,358 to 1,224 at the end of February. The only community that saw an increase in new listings each week was Rockwall County, which rose from 31 to 46 over the month of February.
The number of homes that went under contract climbed higher over the month of February as well, there were 1,760 single-family homes pending sale at the beginning of February and increased to 1,949 by the end of the month.
In the North Texas area, overall closed sales dropped slightly over the month, falling from 1,596 to 1,557 at the end of February.
Single-family homes are in high demand in the North Texas area, and overbidding for homes is increasing in all communities. The average percentage of list price sellers of homes in the North Texas area is 100.9%. The highest percentage being in Collin County where sellers are getting 103.7% of their asking price at closing.
Homes are on the market for an average of 13 days before being sold, with Collin and Denton Counties having the lowest days on the market average of seven.
There is just 0.7 months of supply of homes for sale in the North Texas area, Collin County has the lowest inventory count with less than 0.4 months of supply being available to buyers.
What Does This Mean For Buyers?
Buyers are facing an incredibly dynamic market where homes are bought very quickly and more homes are being bought above original asking price. Buyers who hesitate will end up costing themselves more money either from rising home prices or higher interest rates. Buyers should have financing in place and be ready to act when a property is found.
While most markets are extremely competitive, higher single-family home prices and interest rates may force the market to cool. However, with North Texas being a sought-after destination a slowdown in the market may not happen for a while.
If you are thinking of buying a home in the beautiful area of North Texas, give us a call and we can help you navigate the fast-moving market to find the perfect home for you at the right price!
What Does This Mean For Sellers?
Sellers of homes are currently enjoying a favorable market in North Texas. Homes are in demand, and the percentage of list price received at closing time is average above initial asking price. Homeowners who are putting their homes on the market should expect their homes to sell quickly. While the market in North Texas is active there are communities that are currently experiencing a slowdown in sales activity.
Sellers should be prepared for when their home is sold, if your plans are to buy in the same community, be sure to work closely with your broker to locate a home to buy. Some sellers are finding themselves in a situation where their home is sold but cannot find a home to buy. Don’t let this happen to you! Give us a call and we can not only sell your home quickly, but we can implement a plan to acquire a new home just as quickly.
Wondering what your home might be worth?
Find out instantly with our 15-second home value calculator.
