The Post-Election Real Estate Market: What Now?
November 12, 2024
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If you’re considering buying a home in the Dallas-Fort Worth (DFW) area, now might be an opportune time to start making offers. Recent trends show that home prices across the metroplex have decreased by approximately 5% year-over-year. Additionally, inventory has surged by 30 to 40%, providing buyers with more options in the region.
In the current market, buyers may even have the leverage to offer below the listing price and secure various seller concessions. Common seller concessions in 2024 include:
For sellers, there remains a strong fundamental demand in the DFW market. Properly pricing your home can still attract multiple offers.
And you can still cash in on the equity gained over the past several years. For many homeowners, that often includes gains of up to 30 to 40% just in the last several years. Â Â
Let’s now explore a detailed market snapshot to understand better how home prices, inventory, and sales transactions are performing in the DFW housing market today.
Whether you are buying or selling, staying informed on the latest market trends is crucial. With the current dynamics, buyers have more opportunities, and sellers, with strategic pricing, can still find success in the vibrant DFW housing market.
Average home prices are down across the metroplex. Prices are down .8% in Rockwall County, 5.2% in Kaufman County, 10.4% in Hunt County, and 4.7% in Dallas County.
In fact, prices decreased an astounding 17% in Dallas County between May and June. In May, average home prices were at $618,000 and in June, average prices of homes sold dropped to $515,000.
Homes are sitting longer on the market now than they were a year ago. The average days on market in Rockwall County is up 11.8%, in Kaufman up 6.7%, in Hunt County up 7.4% and in Dallas County, up 23.3%.
The metroplex as a whole is headed towards balanced market territory. Typically, under three months of inventory is a seller’s market, from four to six months it’s a balanced market and above six months of inventory is considered a buyer’s market.
In Rockwall County, there is 5 months of inventory, in Kaufman County 4.8 months, in Hunt County 5.3 months, and in Dallas County, 3.6 months of inventory.
The number of homes for sale has increased drastically this year. It’s increased 28.2% in Rockwall County, up 34.4% in Kaufman County, 40.2% in Hunt County and up 47.1% in Dallas County. Inventory increased by 15% in Dallas County between May and June.
The number of new listings coming to market is also up. Rockwall County’s new listings were up 12.6% year over year, Kaufman County was up 12%, Hunt County was up 1.8% and Dallas County was up 7.1%.
Home sales are still down.
Last month, transactions were down 18.7% year over year in Rockwall County, down 9.7% in Kaufman County, down 18.9% in Hunt County, and down 20% in Dallas County.
Pending sales tell us what closed sales will look like next month.Â
So far, it’s also looking to be down.Â
They’re down 7.4% in Rockwall County, up 3.1% in Kaufman County, down 19.6% in Hunt County and down 15.4% in Dallas County.
The Dallas-Fort Worth (DFW) housing market is currently presenting a unique landscape for both buyers and sellers. With home prices decreasing by approximately 5% year-over-year and inventory surging by 30 to 40%, buyers now have a broader range of options and increased negotiating power. The ability to secure seller concessions such as partial payment of closing costs, upfront payment of property taxes, and coverage of loan origination fees makes this an opportune time for potential homebuyers to enter the market.
For sellers, although the market has cooled slightly, there remains strong fundamental demand in the DFW area. Properly pricing your home and strategically offering incentives can still attract multiple offers, ensuring a successful sale even in a more competitive environment. And you still have amazing gains in equity, including 30 to 40% just in the last several years in most cases.
The current market snapshot reveals that average home prices have declined across various counties, with Dallas County experiencing a significant 17% drop between May and June 2024. Homes are staying on the market longer, indicating a shift towards a more balanced market. The number of homes for sale and new listings have increased substantially, providing buyers with more choices and sellers with a more competitive landscape.
Despite the downturn in closed and pending sales, the DFW housing market remains vibrant and dynamic. Buyers can take advantage of the current conditions to secure favorable deals, while sellers can still find success by staying informed and adapting to the latest market trends.
In summary, whether you are looking to buy or sell, staying abreast of the latest market dynamics in the DFW region is crucial. The evolving conditions present opportunities and challenges that, with the right approach, can lead to successful real estate transactions.
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