According to the Dallas Business Journal, March 9, 2017, Digital Reporter Evan Hoopfer stated that about a third of home sales in February took place in North Texas. His sources come from the MetroTex Association of Realtors. Mr. Hoopfer's article states that Dallas-Fort Worth accounts for about 35 percent of total state sales. He also states that Dallas' population is just above 7 million people, which is approximately 25% of the state's population. (On a side note, that is a HUGE population increase from 1990, when I moved to the Dallas area. At that time, we had just a little over 4 million people in the Dallas - Fort Worth area combined.)
The average home price in February of 2017, in North Texas, was $285,940 and the median home price was $235,000 in February of 2017. According to the Real Estate Center at Texas A&M University, housing inventory is up from the 2.0 a month figure last year to 2.7 months this year as home builders start to catch up with demand. Mr. Hoopfer also states that the balance between supply and demand is 6.5 months inventory.
As we saw in 2016, 2017 home buying statistics remain the same "with the most inventory starved section of the market are houses under $500k" (per James Martin, president of MetroTex).
Steve Habgood of Hewitt & Habgood told the Dallas Business Journal that "Anything under $300k is gone in a matter of days or weeks."
The average time a DFW Home stays on the market is 48 days, per a report from MetroTex.
Click Here to Read Evan Hoopfer's complete article "North Texas home sales make up a third of all Texas sales" and more articles like this one from the Dallas Business Journal.
- Blog Submitted by: Kathryn Dean, Realtor/Agent of Keller Williams Realty Southlake, Texas