Dallas - Fort Worth Real Estate Market Report
In our latest Dallas Fort Worth Real Estate Market Update, we're covering the first quarter of 2022 for Collin County (McKinney area), Denton County (Denton/Flower Mound area), and Tarrant County (Fort Worth area).
Watch the 5 minute video above, or you can read through the information below.
Scroll towards the end to see what all of this means for the homeowner who does NOT want to sell, the homeowner who wants to sell, and those who want to buy a home this year in the Dallas Fort worth area. You can also check out our 'What it Takes to Buy a House in Dallas in 2022' video at the very end!
*All data is from NTREIS (North Texas Real Estate Information Systems)
As we look at the Collin County market there's a few things I want to point out to you.(See above as reference.)
The average home sales price in 2021 was a just over $449,000. In February of 2022, the average sales price is at $547, 000. That's over a $98,000 price increase, on average.
Also, home sellers are receiving, on average, six percent over their asking price.
So on a $500,000 home, that is an additional $30,000. That house just became $530,000.
Now you're probably wondering, 'okay what is causing this?'
The short answer is that it's all based upon supply and demand.
In February of 2021 we had just over 1,100 homes on the market, and this year we only have just over 600 homes on the market. That's 450 homes less than we had this time last year. That's why we're seeing the over-asking offers coming in.
Now as we look at the Denton County market, it's very similar to the Collin County market. (See above as reference.)
The average sales price in February of last year was at $410,000. In February of this year, it's just over $514,000. That's $104,000 price increase on average.
Now as far as what the sellers are seeing in their offers, it's just over 4% of the seller's asking price. So again, on a $500,000 home they're making approximately another $22,500. So that $500,000 home just became $522,500.
There again, what is causing this? We're looking at the supply and demand issue. Last year we had just over a thousand homes on the market. This year we only have 637 homes. So that's 426 homes less than we had this time last year in February.
Now when we go over to Tarrant County, this is really interesting. (See above as reference.)
The average sales price was at $337,000 in 2021. Now this year in February, it's at $388,000. So that's just over a $50,000 price increase. Not near as dramatic as the Denton County market or the Collin County market as you can see.
When we look at that $500,000 house, the seller is receiving on average just over 2% of their asking price. That's about $11,500 over their asking price. That $500,000 home just become $511,500 home.
Last year we had over 2,000 homes on the market, this year we're only at 1,300 homes. That's 713 fewer homes for the buyers to choose from. That's why we're seeing the the home prices continue to go up. It's all based upon supply and demand.
What Does All of This Mean for You?
Now as promised, here's the good and not so good news.
As a homeowner, the good news is that you've more than likely built a lot of wealth in your home. The downside is that it will be very difficult to protest your property taxes. I definitely recommend using any needed updating or repairs to be done to the property, to use that to help lower your property taxes.
For those who are considering selling your home, obviously this is a great time to sell to cash in on the wealth that you have built in your home. The tricky part of this is wanting to buy another home, so we have a few tricks up our sleeves to be able to help out. Our list of home builders as well as our Buy Before you Sell Program has really been a big hit with our clients.
Now for those who are wanting to buy a new home. The good news is that you'll be riding the appreciation rate up and building wealth while you get more house for the money before the interest rates continue to increase. Now on the other side of this, you'll definitely need patience and every trick in our bag of tricks to help you find the right home for you.
If you have any questions about the real estate market, let's schedule a time to talk. I'm here to help you navigate this market so that you can make smart decisions and have peace of mind.
If you want to know more about what it takes to buy a house in the Dallas area right now, check out our next video, 'What it Takes to Buy a House in Dallas in 2022' below.