The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today. DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.
And what a difference a month makes. Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year. In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021. Homes in DFW spend an average of 23 days on the market before selling.
Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates: "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."
While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said. Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing. "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."
A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons. According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.
Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.
According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June. Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.
The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit. Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing. This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"
Luong said he sees positive signs in the market. The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country. "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."
Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.
In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.
Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.
The holiday season ushers in excitement, but for thousands of men, women, and children in the Dallas-Fort Worth area, this time of the year is especially difficult. Some of our family members, friend, neighbors, and coworkers struggle to make ends meet or receive the care that they need. Our real estate agents understand that this time of the year is busy, but we shouldn't let shopping and festivities distract us from the reason for the season. Above all, these next few days give us the opportunity to share our kindness, spread joy, and brighten the lives of whomever we can. We encourage you to give back to the DFW this holiday season through one of these compassionate acts.
We hope that you take any opportunity to help those in our communities who need it most this holiday season. As always, if you would like assistance with your search for Dallas homes for sale and Fort Worth homes for sale, please don't hesitate to reach out. Contact us today to find your dream home in the Lone Star State.
The real estate market is booming in North Texas. You'll find Dallas homes for sale in a variety of neighborhoods to suit many potential homebuyers' needs. However, when is the best season to purchase a new home? Surprisingly, it's not always in the spring. The holiday season is an ideal time to buy a new house. While it may seem like another stressor with the holiday baking, shopping, and family commitments, our real estate agents have listed these five reasons for house hunting during the holiday season.
If you're interested in DFW real estate opportunities, contact us at RE/MAX DFW Associates today.
One of the best things about living in the Dallas/Fort Worth Metroplex is the weather, which makes it possible to grow an amazing number of flowers, some which will bloom all year long. One of the best places to see the beauty of the horticulture of our area is the Dallas Arboretum, located at 8525 Garland Road, on the shores of White Rock Lake.
More than a million visitors walk through the gates of the Dallas Arboretum each year to enjoy quiet strolls through the themed gardens and to participate in educational events and activities that celebrate the art and science of southwest horticulture.
The Rory Meyers Children's Adventure Garden, one of the best family-friendly activities in Dallas, was designed with kids, their teachers, and families in mind. It gives the Garden's visitors the opportunity to experience life and earth science firsthand with over 150 activities focusing on nature.
The Arboretum hosts a calendar of events and entertainment each year, not only focused on flowers and trees but also including live music and arts. It's this combination of beauty and fun things to see and do that make this one of the most popular spots in the area for residents and tourists alike.
If you ask one of our agents at RE/MAX DFW Associates about the Arboretum, they'll likely tell you they love this place because of the creative ideas it provides for putting your personal stamp on a new home. And when you are viewing Dallas homes for sale, it's fun to imagine all of the different ways you can add color and beauty to the landscape to make a new property uniquely your own.
People who relocate to North Texas from other parts of the country often marvel at the large variety of colorful flowers, flowering trees, bushes and shrubs that thrive in our climate. By planning carefully, you can create gardens and landscapes that bloom all year.
The Dallas Arboretum is a great place to learn about the specific flowers and shrubbery that will keep your yard looking great, so be sure to make a trip there this spring to enjoy the blooms of our North Texas environment and to get tips for making the landscape at your new home a colorful oasis.
To begin your search for homes for sale in the Dallas/Fort Worth area, contact RE/MAX DFW Associates.
Are you searching for the perfect place to call home in retirement, where you can enjoy life, live comfortably, and find more than enough attractions to keep you busy? Do you want all of those things, without leaving the DFW area? Then we've got the perfect community for you. Plano, TX regularly ranks as one of the best places in the country for retirement, and our real estate agents have all the details on why you'll love spending your retirement in the city.
One of the first things you'll notice when researching Plano is that the city always seems to pop up on lists of the best places to retire. You'll find many reasons why that's the case, but ultimately it comes down to a safe city, with a strong economy, and a ton of attractions to keep you engaged no matter what you love to do for fun.
The DFW area is booming, and Plano is a great example of why that's the case. Large brands like Frito Lay, Intel, and Cinemark Theatres are headquartered in Plano, while the community also boasts a vibrant, thriving collection of local small businesses. If you're looking for a city with a bright economic future, Plano deserves a spot near the top of your list.
There's plenty to do close to home when you retire in Plano, and you'll also have easy access to other great DFW communities when you're in the mood for something different. Downtown Dallas is less than 20 miles from Plano, and public transportation is available when you're not in the mood to drive.
Plano's downtown area has been revitalized in a major way and has earned a ranking in Livability's list of the 10 best downtowns in the country. The Historic Downtown Plano Arts District is loaded with scenic places, art galleries, great food, and unique businesses. And it's walkable, so you can stay in shape while you enjoy all that the city has to offer.
You won't have to worry about traveling far to find a great doctor when you live in Plano because there are tons of great medical services close to home. The city is home to 10 hospitals, with the latest treatment options and access to some of the top specialists in the country. Nearby Dallas and Fort Worth also offer an excellent standard of medical care.
Do you want to make sure that you can enjoy the great outdoors, even when living in a large, suburban community? Plano offers an extensive parks system, with trails, athletic facilities, and playgrounds for the kids (or grandkids!). There are also more than 60 lakes nearby when you're in the mood for some fishing.
Plano ranks high on retirement lists in part because the city appeals to so many interests, and you're sure to find your own reasons to add to the list when you call Plano home. Ample attractions, excellent healthcare, and a strong economy are just the start of what to expect in Plano.
Are you ready to start living the retirement dream in Plano, TX, and searching for the right real estate team to help you accomplish your goals? Contact us at RE/MAX DFW Associates in Plano to buy and sell homes throughout the Plano, TX area.
If you follow local real estate news, you already know that North Texas has been identified as one of the country's hottest real estate markets. Home prices are rising and sellers are expecting to sell their homes at their asking price or better. Whether you're considering Dallas homes or Fort Worth homes, you're negotiating in a seller's market. You must bid conscientiously or risk missing out on a home you love.
Our REALTORS® understand it can be difficult for your offer to get a seller's attention, especially when they realize that the next buyer might be willing to pay more. When you're ready to begin your home search, we'll be here to help with "Six Secrets for Getting Your Offer Accepted."
The bidding process can be complicated, especially when there's a lot of buyer competition. Contact us when you're ready to begin your Texas home search.
In the diverse neighborhood of Coppell, TX, you will find plenty of restaurants and food joints offering a variety of cuisines and food choices that will definitely treat your taste buds. Seafood is a prominent choice, thanks to the easy access to freshly caught saltwater fish. If you are looking for a good brunch spot or dinner restaurant for your family, Our REALTORS® in Coppell have a few recommendations.
Whether you are searching for a home in the suburbs, the city, or any other place of interest in the Coppell area, our local estate team at RE/MAX DFW Associates is here to help. Our mission is to make sure you find your dream home that is close to the city's best restaurants. Contact our Coppell office today for more information on homes about Coppell homes for sale.
Purchasing your first home has long been a part of the American dream. While some cities across the country are considered Millennial Magnets, according to a report by ABODO Apartments, Dallas ranks near the bottom of the list of major US cities for this new wave of home buyer.
Dallas, Texas has experienced a boom in its employment market because of huge economic opportunities. Consequently, the increase in the job market has also caused an increase in demand for housing making it difficult for Millennials to afford Dallas homes for sale.
But despite these challenges, some continue to push forward with buying their first home in the DFW. Our REALTORS® know the local market well and offer these eight tips when you're ready to buy a home in Dallas.
If you're getting ready to take your first steps to homeownership, there is no better time than now to start. Contact RE/MAX DFW Associates to speak with an experienced realtor that knows the Dallas market and understands the needs of first-time home buyers.
There are many people in the world who love dogs, but you can't always include landlords on that list. While a landlord may love their own dog, they're typically less enthusiastic about the four-legged friends of their tenants. Combine that with the fact that dog owners love giving their pets room to roam the outdoors, and you can see one of the hidden motivations that inspire many renters to purchase a house of their own. So in a way, home-buying really is going to the dogs, and that's not a bad thing!
Our REALTORS® have the details on this growing trend, along with other key reasons buyers choose to purchase a home for the first time.
It's no surprise that house hunters consider their dog when shopping for Dallas homes for sale. In fact, a third of Americans from the Millennial generation has stated that a better space/yard for their dog was an important motivating factor in choosing to purchase a home for the first time. A great space for their four-legged friends is one of the motivators which influence young home buyers:
Looking for the perfect DFW home for you, your family, and your favorite pets? We can help! Contact us to buy and sell homes throughout the Dallas, TX area.
Are you ready to close out 2017 in style, with an unforgettable night of fun in your favorite city? New Year's Eve in Dallas is always a big deal, and the schedule of special events in the city is a mile long. Whether you're looking for a night of great music, a glamorous party, or a fun event that the whole family can enjoy, you'll find it in Dallas on New Year's Eve. Our real estate agents are looking forward to the city-wide celebrations, and we have the details on some great New Year's Eve events in Dallas this year.
Are you searching for the best Dallas homes for sale, and the real estate team who will help you find your perfect match in the city? Contact RE/MAX DFW Associates to buy and sell homes in the Dallas-Fort Worth, TX area.