Welcome to this month’s real estate market report for North Texas. Rising inflation, higher interest rates, and climbing home prices have caused a slowdown in the real estate market in North Texas. New listings increased year to year, sales have decreased over the last 12 months, and inventory available grew from one year ago. Find out more about North Texas real estate in this helpful report.
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North Texas Housing Stats
The median sale price for single-family homes in the North Texas area at the end of June 2022 was $400,000, this is up 18.2% from one year ago. For the year so far the median sale price for single-family homes in North Texas is up 19.4% to $299,500, at this time last year the median sale price for single-family homes was $250,892.
There were 11,753 homes sold during the month of June, this is a drop of 10.4% from the number of homes sold during the previous June. So far in 2022, there has been a total of 61,842 properties sold so far in North Texas, this is down 3.4% from 63,987 sold by this time one year ago.
There was a year-to-year drop in sales activity in the North Texas area, at the end of June 2022 there were just 10,803 pending listings, this is a year-to-year drop of 13.5%. In 2022 in North Texas there has been 64,159 properties go pending, this is down 7.3% from 69,209 pending sales by this time in 2021.
There were 19,155 new listings to hit the market in North Texas, this is a year-to-year increase in new listing activity of 21.8%. So far for 2022, there has been 83,869 new listings to hit the market in North Texas, new listings are up 8.6% compared to just 77,216 new listings at this point in 2021.
Homes were on the market in North Texas for an average of 20 days during the month of June, this is down 4.8% compared to the previous June. Year to year homes are on the market 24 days down 22.6% from a 31 day average at this time in 2021.
There is approximately two months of housing inventory available to buyers, and sellers are getting 102.2% of the original list price at closing.
What Does This Mean For Buyers?
For buyers, the outlook at this time is not good. Interest rates are up and single-family home prices are higher year to year. While many buyers are sidelined by affordability factors there is still a great deal of competition for the few homes available. Buyers who are in the market for a home are up against not only higher prices but overbidding of properties, buyers should be prepared to make above asking price offers for a home.
What Does This Mean For Sellers?
While there is a continuing demand for homes, rising inflation and interest rates are sidelining many potential buyers and some sellers are seeing their property take longer than average to sell. Sellers who are thinking of selling their home should be realistic about acquiring property, with low inventory, a seller may sell their home quickly but may find it difficult to locate a property to buy.
As the summer season continues in North Texas the real estate market overall should be quite active. While a slowdown is expected, homeowners may see a flattening of home values and prices as we enter the fall season.
If you are thinking of buying or selling a home in beautiful North Texas, give us a call. We create lifelong relationships with clients to not only help them buy or sell their home but make sure that it is an experience to remember forever!
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