North Texas Home Values Continue To Rise

Dated: 01/07/2017

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The North Texas housing market has seen remarkable growth in the past several years, with no indication that it will slow anytime soon. The 2016 year saw home values rise in the four primary counties of Dallas-Fort Worth (Collin County, Dallas County, Denton County and Tarrant County). 

We have created this graph to show the steady increase of home sales prices since January 2015. Single family homes with at least four bedrooms in Collin County saw median sales prices rise 7.2% in December 2016 over same month prior year. Using that same criteria, Denton County values rose 6.3%, Dallas County rose 10.1% and Tarrant County rose 5.9%. The median sales price for four bedroom single family homes in December 2015 was $332,000 in Collin County, but that number steadily rose throughout 2016 and closed at $356,000.

All four counties are seeing marked growth with new corporations moving to the area. The low inventory for available homes is certainly a factor in driving the prices higher. Demand is still greater than the supply. The 2016 year ended with inventory levels of homes for sale offering less than 2.5 months of homes for buyers - meaning, if no other homes came on the market it would take less 2.5 months to sell all homes in Collin, Dallas, Denton and Tarrant Counties. 

Making the home market even harder to navigate is how quickly the homes are selling once they are available. According to the North Texas Real Estate Information Systems (NTREIS), the average days on market for homes that sold in those counties was less than 25. This alone forces buyers to research and act quickly, and hopefully using the services of a real estate professional to avoid overbuying, overpaying and negotiating on strong fronts.

While fall and months are historically slower in most markets, we did not see a heavy slow down in Dallas-Fort Worth. The holiday season was active with buyers looking to settle before the start of 2nd semester in schools. Now, seven days into the new year, January appears to be keeping the same pace.

If you're planning to buy or sell in 2017, we hope you'll give us an opportunity to earn your business. We are privileged to have represented many individuals and families trying to make the most of this unprecedented market. Call us today!

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Lisa Birdsong

Top 1% of Texas Real Estate Teams; McSam Realtor of the Year, 2016; Certified Residential Specialist, CRS D Best Realtor, 2016, 2017 Castle Hills Realtor Advisory Board, 2016; Windsong Ranch Real....

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