In the two to three years preceding the 2008 financial collapse, Dallas/Fort Worth homeowners lamented the fact their home values were not keeping pace with other areas of the country like South Florida, California and Northern Virginia. When the housing bubble rapidly deflated, the modest, steady increases of local Dallas-area property values fell a shorter distance than in other markets. It now appears that long-term homeowners in the North Texas are finally reaping their reward.
According to DallasNews.com, North Texas-area real estate agents sold 9,481 homes in June. This, according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems, was a record-breaking number of home sales for the DFW metroplex and surrounding areas.
Preowned home sales in North Texas spiked in June 2014, increasing 7 percent and giving the month of June the largest year-over-year gain for 2014. However, year-to-date preowned home sales are down by one percent when compared to last year’s sales. As the trend isn’t showing signs of slowing, the 2014 deficit in home sales will likely be made up by year’s end.
Signifying what is known as a ‘seller’s market’, it only took real estate agents an average of 44 days to sell the properties closed on in June – the quickest recorded time in Dallas County and more than two dozen other North Texas counties. Real estate agents have attributed the success to the peak job economy and high-demand housing market.
Although average home prices are 40 percent higher than they were during 2008’s recession – and they are expected to jump another 8 to 10 percent this year – demand has not decreased. The warming economy of the Dallas/Fort Worth metroplex is responsible for people buying new and pre-owned homes in droves. There have been several anecdotal instances of offers being made on homes on the very same day they were listed on MLS.
The future looks bright for DFW residents looking to put their houses on the market. Buyers may have to work harder to find their dream houses for the right price, but the good news is interest rates are expected to remain low and the steady property market means houses are still affordable in the North Texas area when compared to national averages.
Want to put your house on the market in Dallas? Or are you looking for a Dallas-area home for the right price? The locally-based professional agents of Modtown Realty help buyers and sellers in the greater Dallas area with expert real estate advice.
