The DFW real estate market had a tremendous 2017, and if you follow this blog regularly, you’ve certainly noticed us writing about it consistently for the past 12 months. But for additional perspective on just how busy the marketplace was in 2017 consider this: nearly 40% of all Dallas-area homes that sold last year did so for over the asking price.
For comparison, only around 1 in 4 homes nationwide sold for more than the original ask price.
But here in DFW, a robust job market that continues to grow, low interest rates, and low supply levels for almost as far back as we can remember have all combined to make it one heck of a sellers market, both in 2017 and on into early 2018. Furthermore, inventory isn’t expected to expand significantly over the course of this year either, meaning home buyers will continue to face many of the same home buying challenges that we’ve been seeing for the past 12 to 18 months.
But as noted in the same Zillow report, however, is that the trend of DFW home buyers paying over asking price isn’t exactly new. In fact, roughly 39% of all homes sold over the last 3 years have sold for over asking price, which should encourage any and all home buyers still looking for a place to stop waiting it out and buy sooner rather than later—especially with interest rates expected to climb later in the year.