Average Sales Price
Up 23.2% in comparison to $355,220 average sales price in 2020
$437,534
Median Sales Price
Up 18.4% in comparison to $295,253 median sales price in 2020
$349,583
Homes Sold
Up 2.4% in comparison to 91,911 homes sold in 2020
94,079
Price per Square Foot
Up 14.8% in comparison to $182 price per square foot in December 2020
$209
Percent of Original Price
Up 4.3% in comparison to 97.4% of original price in 2020
101.6%
Months Supply
Down 48.7% in comparison to 2.1 months' supply in 2020
1.1
Why It Is a Great Time to Buy or Sell Real Estate in DFW!
We are asked every day . . . when is the real estate market going to change? How will we get to a more balanced market of buyers and sellers? Will we see a market correction? No one has a crystal ball to predict the future, however, the past is typically a good indication of what may happen in the future. In our 2021 DFW market review, we have compiled 10 years of historical data for the counties of Collin, Dallas, Denton, Rockwall and Tarrant.
During the middle of 2011 to the beginning of 2012, we saw our market begin recovery from the real estate recession that began in 2008. At that point in time, average sales prices were increasing at 5.2%, however, inventory levels were still high at 6.9 month's supply and the ratio of sale prices to list prices was low at 92.3%. Since that time, our market has been experiencing steady appreciation and a normalization of inventory levels until mid 2020.
Beginning in May 2020, we have experienced a higher than normal decline in homes available for sale and an acceleration of sales prices. During 2021, average sales prices increased year over year by 23.2% while homes available for sale have plummeted to 1.1 month's supply. While demand remains high with a 2.4% increase in number of homes sold, homes available for sale decreased by 44.6%. Multiple offers are now prevalent with the ratio of sales prices to list prices averaging 101.6% in 2021. In addition, new construction inventory is low due to supply chain issues and beginning in 2022, mortgage rates are starting to rise.
So what does this mean for buyers and sellers in DFW? For buyers, it is still a great time to buy as our market is still appreciating and mortgage rates are still at extremely low historical rates. However, time is of the essence as the sooner you purchase, the sooner you are able to lock in a low mortgage rate and start to accrue home equity. For sellers, there has never been a better time to sell your home! Not only due to high property values, but also due to low supply and high demand. Sellers are receiving offers above their list price plus sellers typically have to make little or no buyer concessions for repairs or closing cost contributions.
Are you ready to buy or sell in 2022? Call us today for a complimentary consultation!
Statistics for the Year Ending | 2021 | %∆ (Yr) | 2020 | %∆ (Yr) | 2019 | %∆ (Yr) | 2018 | %∆ (Yr) | 2017 | %∆ (Yr) |
---|---|---|---|---|---|---|---|---|---|---|
Average Sales Price | $437,534 | 23.2% | $355,220 | 4.8% | $339,087 | 1.9% | $332,752 | 3.9% | $320,404 | 8.3% |
Median Sales Price | $349,583 | 18.4% | $295,253 | 6.9% | $276,102 | 3.0% | $268,030 | 4.2% | $257,241 | 10.3% |
Number of Homes Sold | 94,079 | 2.4% | 91,911 | 3.6% | 88,702 | 3.3% | 85,898 | -2.4% | 87,991 | 2.7% |
Days on Market | 23 | -46.2% | 42 | -13.3% | 48 | 20.0% | 40 | 10.9% | 36 | 4.5% |
Price per Square Foot | $183 | 21.0% | $151 | 5.7% | $143 | 2.4% | $139 | 5.0% | $133 | 8.7% |
Percent of Original Price | 101.6% | 4.3% | 97.4% | 1.1% | 96.3% | -0.7% | 97.0% | -0.6% | 97.7% | -0.3% |
Number of Homes for Sale | 2,157 | -44.6% | 3,892 | -27.2% | 5,350 | 13.2% | 4,728 | 15.7% | 4,087 | 10.6% |
Months' Supply of Homes | 1.1 | -48.7% | 2.1 | -31.3% | 3.0 | 12.6% | 2.7 | 16.5% | 2.3 | 11.2% |
Statistics for the Year Ending |
---|
Average Sales Price |
Median Sales Price |
Number of Homes Sold |
Days on Market |
Price per Square Foot |
Percent of Original Price |
Number of Homes for Sale |
Months' Supply of Homes |
2021 |
---|
$437,534 |
$349,583 |
94,079 |
23 |
$183 |
101.6% |
2,157 |
1.1 |
%∆ (Yr) |
---|
23.2% |
18.4% |
2.4% |
-46.2% |
21.0% |
4.3% |
-44.6% |
-48.7% |
2020 |
---|
$355,220 |
$295,253 |
91,911 |
42 |
$151 |
97.4% |
3,892 |
2.1 |
%∆ (Yr) |
---|
4.8% |
6.9% |
3.6% |
-13.3% |
5.7% |
1.1% |
-27.2% |
-31.3% |
2019 |
---|
$339,087 |
$276,102 |
88,702 |
48 |
$143 |
96.3% |
5,350 |
3.0 |
%∆ (Yr) |
---|
1.9% |
3.0% |
3.3% |
20.0% |
2.4% |
-0.7% |
13.2% |
12.6% |
2018 |
---|
$332,752 |
$268,030 |
85,898 |
40 |
$139 |
97.0% |
4,728 |
2.7 |
%∆ (Yr) |
---|
3.9% |
4.2% |
-2.4% |
10.9% |
5.0% |
-0.6% |
15.7% |
16.5% |
2017 |
---|
$320,404 |
$257,241 |
87,991 |
36 |
$133 |
97.7% |
4,087 |
2.3 |
%∆ (Yr) |
---|
8.3% |
10.3% |
2.7% |
4.5% |
8.7% |
-0.3% |
10.6% |
11.2% |
Statistics for the Year Ending | 2016 | %∆ (Yr) | 2015 | %∆ (Yr) | 2014 | %∆ (Yr) | 2013 | %∆ (Yr) | 2012 | %∆ (Yr) |
---|---|---|---|---|---|---|---|---|---|---|
Average Sales Price | $295,751 | 6.9% | $276,778 | 7.8% | $256,751 | 7.1% | $239,642 | 9.3% | $219,334 | 5.2% |
Median Sale Price | $233,213 | 9.4% | $213,213 | 10.0% | $193,859 | 7.4% | $180,488 | 11.9% | $161,361 | 7.4% |
Number of Homes Sold | 85,708 | 4.0% | 82,403 | 4.3% | 79,015 | 1.0% | 78,201 | 19.1% | 65,643 | 17.4% |
Days on Market | 35 | -14.8% | 41 | -14.3% | 48 | -4.9% | 50 | -27.0% | 68 | -19.4% |
Price per Square Foot | $122 | 8.5% | $113 | 9.2% | $103 | 8.0% | $95 | 10.3% | $87 | 5.7% |
Percent of Original Price | 97.9% | 0.2% | 97.7% | 0.9% | 96.8% | 0.6% | 96.3% | 1.8% | 94.5% | 2.4% |
Number of Homes for Sale | 85,708 | 4.0% | 82,403 | 4.3% | 79,015 | 1.0% | 78,201 | 19.1% | 65,643 | 17.4% |
Month's Supply of Homes | 2.1 | -4.3% | 2.2 | -13,4% | 2.5 | -14.7% | 2.9 | -35.6% | 4.5 | -34.1% |
Statistics for the Year Ending |
---|
Average Sales Price |
Median Sale Price |
Number of Homes Sold |
Days on Market |
Price per Square Foot |
Percent of Original Price |
Number of Homes for Sale |
Month's Supply of Homes |
2016 |
---|
$295,751 |
$233,213 |
85,708 |
35 |
$122 |
97.9% |
85,708 |
2.1 |
%∆ (Yr) |
---|
6.9% |
9.4% |
4.0% |
-14.8% |
8.5% |
0.2% |
4.0% |
-4.3% |
2015 |
---|
$276,778 |
$213,213 |
82,403 |
41 |
$113 |
97.7% |
82,403 |
2.2 |
%∆ (Yr) |
---|
7.8% |
10.0% |
4.3% |
-14.3% |
9.2% |
0.9% |
4.3% |
-13,4% |
2014 |
---|
$256,751 |
$193,859 |
79,015 |
48 |
$103 |
96.8% |
79,015 |
2.5 |
%∆ (Yr) |
---|
7.1% |
7.4% |
1.0% |
-4.9% |
8.0% |
0.6% |
1.0% |
-14.7% |
2013 |
---|
$239,642 |
$180,488 |
78,201 |
50 |
$95 |
96.3% |
78,201 |
2.9 |
%∆ (Yr) |
---|
9.3% |
11.9% |
19.1% |
-27.0% |
10.3% |
1.8% |
19.1% |
-35.6% |
2012 |
---|
$219,334 |
$161,361 |
65,643 |
68 |
$87 |
94.5% |
65,643 |
4.5 |
%∆ (Yr) |
---|
5.2% |
7.4% |
17.4% |
-19.4% |
5.7% |
2.4% |
17.4% |
-34.1% |
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