It seems rising home prices in North Texas won’t be getting relief anytime soon. A new report from Realtor.com shows soaring prices and a limited supply for prospective buyers to even choose from.
The latest figures show the median home listing price in Dallas-Fort Worth hit a record $400,000, which was up more than 14-percent, year-over-year. At the same time, home inventory levels remained extremely low.
Compared to last January, the number of homes listed by real estate agents in the region this January was down by nearly 40-percent. On average, it’s taking homes in North Texas about 43 days to sell.
North Texas isn’t alone. The trend of higher home prices and lower inventory seems to be happening across the nation.
When comparing the entire country, the home listing price for January 2022 was about 10-percent higher than January 2021. At the same time, the number of homes listed by agents was down more than 28-percent.
Homes are selling fast, especially during a time of year when sales usually slow. While 2022 will likely be a seller’s market, rising mortgage costs could put a damper on future home price gains.
Posted by Kenneth G. Cox on