Gallagher Group Real Estate Team

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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