In case you haven’t heard, the DFW area real estate market has been exceptionally hot this year, and things only seem to be getting better as we push through what’s traditionally one of the busiest seasons of the year for the real estate industry.
Late last week, sales numbers were released from the month of April, and for the first time in history, median sales prices for single-family homes around North Texas rose to over $200,000. The official number, $207,000, was up 14 percent in April, but what’s even more incredible is that the median price of a singe-family home sold by a real estate agent in North Texas is nearly 60 percent higher than it was in January 2010, or right around the time of the worst part of the recession.
With this latest surge in sales price, DFW now leads the U.S. in year-over-year home price increases, and even sales of condos and townhomes around Dallas-Fort Worth have seen a 13 percent spike from April 2013, at least according to the latest numbers released from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
Along with constant job growth, easier-to-obtain financing, and interest rates that are still quite favorable to buyers, the number of homes listed for sale was also 15 percent lower than in April 2014, which are all factors in significantly driving the cost up for homes currently on the market.
But as home prices in the Dallas area soar, some analysts are warning residential real estate values in some of Texas’ major markets are overheating, with a recent Wall Street Journal report claiming that home prices in Texas, and specifically the Dallas-area, are as much as 11 percent overvalued.
Regardless of where homes are being valued however, sales activity certainly hasn’t slowed, and with inventory still low throughout much of the Dallas-Fort Worth metroplex, the laws of supply and demand will continue to dictate what price points we’re seeing, and right now, there’s no doubt the low inventory is, and will continue, to favor sellers.
For more information about the DFW real estate market, or if you’re interested in buying or selling a home in the area right now, contact our team of Dallas-Fort Worth real estate pros today at (214) 764-4124!