Dallas-Fort Worth has been named a strong buyer’s market, according to the recent Buyer-Seller Market Index report released Nov. 30.
Out of 100 major, active housing markets, Dallas-Fort Wort-Arlington ranked 10th in the report as “strongly favoring buyers.” Of all markets measured in the study, 51 were named Sellers Markets, 10 favored buyers and 39 markets were neutral.
The study cited declining home sales as a key indicator of the shift. In fact, housing sales fell 51.4% nationally since November 2021, to levels below that of the Great Recession even. In Dallas County, home sales have fallen 32% just since June 2022.
Moreover, home prices have fallen more than $100,000 dollars in some Dallas-Fort Worth areas since spring, including the Frisco, Plano and Irving areas, according to another new report out by the Dallas Business Journal.
Other parts of the D-FW metroplex have seen homes prices dip nearly as much, with Dallas average home prices dropping $72,000 dollars in the past several months and Rockwall County prices falling $70,000 since just June 2022.
Furthermore, months supply of inventory in Rockwall County is now at 3.3 months, a 120% increase since this time last year.
In the Dallas-Fort Worth-Arlington area, current inventory stands at 15,625 homes, an increase of 48.2% from last year, according to the Buyer-Seller Index Report.
Median days on the market has also increased to 25 days. It is not uncommon at all lately to see homes with multiple price reductions all throughout the metroplex.
The Buyer-Seller Index Report measures the degree “of which of the nation’s largest, most active housing markets favor home sellers or home buyers” based on six main criteria.
The criteria includes: Average Sale-to-Ask Price Ratio, Homes Sold, Number of Active Listings, Median Days on Market, Median Sale Price and Months Supply.
Get with one of M&D’s top-rated, local real estate agents who can connect you with a top lender that will provide you with multiple options for getting into a home at the lowest cost possible.
They can then help you with your property search by being well connected in the area (and in the know) so you can find the perfect home!
Leave your details, select your interest(s), and we’ll get you more information on how we can help.