Your Easily-Digestible July Dallas + Fort Worth Market Update

When you’re in real estate, you learn that what was once “How are you?” turns into “How’s the market??”.

Normally I have a super eloquent answer, but today it feels like chaos and it’s hard to wrap that up in a one sentence answer the person probably doesn’t really care to hear. 😏 Kidding.

As you probably know by now, I like to just get down to it 👇

(Single Family Home, TH/Condos in Dallas, Denton, Tarrant, Rockwall and Collin County)

AVERAGE SALES PRICE
July 2024: $537,445
June 2024: $527,950
July 2023: $525,311

DAYS ON MARKET
July 2024: 52
June 2024: 52
July 2023: 45

NITTY GRITTY: March - July are always interesting to me because we peak at different moments every year, even inside the same “cycles”. Average sale price did increase from June to July, however in May, the ASP was $552,861, meaning it looks like we hit our peak in May. In 2023, the peak was in June, coming in at $530,820.

Days on market has been decreasing since hitting an average of 70 in February. Remember how we talked about cycles? Here’s a graph that explains exactly that. The first photo is history of average sales price since Jan 2022. The second is DOM since January 2022.

NUMBER OF SALES VS. NUMBER OF NEW LISTINGS

LISTINGS:
July 2024: 10,738
June 2024: 10,924
July 2023: 9,121

SALES:
July 2024: 6,798
June 2024: 6,751
July 2023: 6,730

NITTY GRITTY: Our number of sales isn’t *down* per se, but we did see a drop from May to June. Total sales for June 2024 was down 13% from June 2023.

Inventory is increasing, which is a great thing for multiple reasons. We’ve been lacking inventory for a couple of years. First, because the World shut down and people felt uncomfortable listing (or leaving) their homes. Then interest rates dropped and people started to realize how much they hated their current home but it was so hard to sell and buy at the same time. Then interest rates doubled FAST and nobody wanted to lose their 3% interest rate.

But with time, comes comfort. People have explored their options at downsizing and upsizing and using the equity they’ve built to move into something that works better for them. More inventory hitting the market means there’s more supply, so it doesn’t surprise me when I see DOM increase. When interest rates decrease as expected in September, I am hopeful it won’t immediately result in multiple offers and sacrificing babies to get into a house. A 1% decrease can result in over a million now-qualified buyers.

In fact, the last week of July we saw the average 30-year fixed rate drop over .5% in one week. For reference, a .5% drop in rates on a $500k loan equates to a $160~ drop in a monthly mortgage payment. Which is equivalent to 6 items of groceries these days, so there’s that.

As a whole, here’s what I am seeing:

Micro markets MATTER. Some listings are getting multiple offers in one weekend still, but it is no longer expected. When I am looking to price a listing for a client, their timeline needs are at the forefront of my strategy. What do we need to do bring your home to market in the best light AND get it sold under the average days on market?

If you’re curious about a more specific area, let me know!

If you’re thinking about relocating to DFW and interested in markets that may work for you, grab my free LOCALS guide here!