Despite supply increases, Dallas-Fort Worth home prices are still high and sales are falling.
Workers Efron Ruiz and Luis Rangel lay sod at a new home under construction on Valentine St. in southeast Dallas, July 11, 2024.Median prices aren’t budging much and closed sales were down nearly 12% from June 2023, according to data from according to data from the Texas Real Estate Research Center at Texas A&M University, North Texas Real Estate Information Systems and the MetroTex Association of Realtors.
The data comes from the Multiple Listing Service, a private database of properties for sale through real estate brokers. Existing single-family homes, townhomes, condos and a portion of newly built homes are included in the data.The median home sales price of a D-FW home last month was $405,000, a 1.2% decrease from June 2023. It’s the first time year-over-year median prices have dropped this year, according to preliminary data.
In Collin County, June’s median price was $515,000, down 4.6% year-over-year. There were 1,480 closed transactions, a 5.8% drop.Homes aren’t selling quicker either. From the listing to final close, a D-FW home is on the market for 78 days, five more days than last year.Shriram Villupuram, a real estate and finance professor at the University of Texas at Arlington, said the supply bump may be driven partially by sellers putting higher-priced homes on the market.
For the market to improve, Wilson said rates would need to drop towards the 6.5% range and D-FW’s job relocation numbers would need to improve.
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