A quick look at what’s going on in the DFW housing market.
What’s going on in the real estate market? Today I’m going to share the stats through September 2021 to give you a better idea of our current conditions.
Nationally, 2021 is going to be the fifth- or sixth-best year ever in United States history. Here in the DFW market, we’re projected to be 17% higher than last year, which was about 20% higher than in 2019.
In terms of inventory, we have 1.1 months of supply, meaning that we’d sell every single home on the market that we currently have in 30 to 40 days if no new homes were listed. To offset that, a little over 43,000 new home builds started in 2020 in the DFW area, which is the second-most in all of the U.S (Houston had the most with 45,000 permits pulled for new homes). Those homes will be great additions to the market for homebuyers in search of options.
Another driving force in our current market is our interest rates. Currently, rates are around 3.2% for a 30-year fixed mortgage. Assuming all else remains standard, those rates might go up toward the end of the year, possibly reaching 3.75% by the end of 2022.
The number of loan applications is another lead metric to follow. Applications are down; not as many people are getting approved to buy a house. Fewer people are also reaching out to us, so we do know that the market is starting to slow. Where we were averaging at around 10 offers per listing, we’re now averaging about four. It’s also taking homes a little bit longer to sell. Earlier this year, it took as little as 48 hours to sell a home, where it now might take around a week.
Despite this slowdown, there is still a lot of activity in the market; it’s just not as hectic as it was a few months ago. We’re still in a strong seller’s market.
If you have any questions about what’s happening in the market or how conditions could affect your real estate prospects, don’t hesitate to reach out to The DARE Network Group. We’d love to help you.