Competition continues to heat up in North Texas, as home prices in February just took another major jump. Last month, the median sale price for a single-family home sold by a real estate agent in North Texas hit $365,000.
That’s a record, and it’s also up about 21-percent from the same time last year. Newly released real estate data shows prices went up about four-percent from January to February alone, which equates to a jump of about $15,000.
As demand remains high, it’s only pushing inventory lower. There were only about 4,500 homes on the market in North Texas in February.
That’s about 32-percent fewer homes when you compare it to February 2021. Some analysts say they’re seeing inventory continue to go down, which is only increasing home prices in the Dallas-Fort Worth area.
In February, the median asking price was $409,000 for homes in North Texas. That was up about 14-percent over the previous year.
Despite lower inventory and higher prices, single-family home sales are still up. Some predict it has to do with people trying to get in on low interest rates before they start increasing. Any future hikes could impact housing in the coming months.
Posted by Kenneth G. Cox on
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