Here’s what you need to know about our current Dallas-Forth Worth market.
What is going on in the real estate market here in Dallas-Fort Worth?
During the last five years, we’ve had double-digit appreciation and it currently sits at just under 12%. A median home costs about $250,000, and its time on the market is 19 days on average right now, which is extremely low. Interest rates have been under 3% for the past several months. They’ve increased a bit above that recently, but they’re still the lowest they’ve been in over 50 years.
Despite all these numbers, the most crucial factor in our market is inventory. Using Frisco as an example, at this time last year, we had 2.4 months’ worth of inventory. That means that in about 75 days, every house in Frisco would sell if no other properties came onto the market; that was a fairly aggressive seller’s market. At present, we have around 0.4 months of inventory, meaning we would run out of homes to sell in 15 days, which is crazy.
“Interest rates are still the lowest they’ve been for 50 years.”
We had a house listed in Frisco for $550,000, and over a weekend, it received more than 40 offers. Of those offers, many were $100,000 or more over asking price—that’s the truth about what’s going on in the market. However, real estate is specific; no two properties are exactly alike.
If you want to know what your home may be worth in your area these days, call or email us. We’ll do a market analysis of your home so you can make the best decision for yourself and your family. Reach out if you have any questions. We would love to be your real estate resource.