The Dallas housing market is performing well after recovering from July of 2020. Yet since the second half of 2020, demand for single-family houses has increased while supply has lagged.
Dallas and the rest of North Texas home prices show no signs of slowing. According to The Dallas Morning News, median house prices in November 2021 will be 18% higher than a year earlier. Only 8,200 single-family houses were recently offered for sale in the Dallas metro region with around 1.9 million single-family residential units.
Substantial inbound population growth, an above-average millennial population, and a booming economy are just three of the numerous reasons why the demand for rental properties and the Dallas real estate market are on the rise.
Dallas is popular among real estate investors, and it’s easy to understand why. It has something for everyone: employment and big-city excitement, picturesque suburbs, a mild climate, and a high standard of living.
Continue reading to discover more about the Dallas texas housing market, average Dallas home prices, best areas to live in Dallas, and average days on the housing market.
Average Home Price in Dallas
The prices for homes in North Texas and around the country have risen dramatically in recent months due to the growing demand for property. The Dallas real estate market is following suit. The Dallas-Fort Worth metroplex has been named one of the country’s most overpriced property areas. According to a Florida Atlantic University study, the DFW region rated 19th for overheated housing, with houses selling for 31.57% greater than they were valued.
North Texas home prices are rising, with a median price of around $310,000. The cost of a previously owned single-family house has climbed by more than 50% in the last five years, according to statistics from local real estate agents. The average sales price increased by 18.08% year on year, from $361,080 to $426,368.
The Dallas-Fort Worth housing market has cooled significantly in recent months after being an outright seller’s market, but it remains highly hot. The Texas Real Estate Research Center publishes monthly information on the DFW single-family housing market. The data for this study was provided by the Texas REALTORS®.
- Year-to-date sales totaled 103,547 closed listings.
- The total dollar volume increased from $3.59 billion to $3.97 billion.
- Single-family home sales volume fell 5.63% year on year, from 9,474 to 8,941 sales.
- The average sales price increased by 17.03% year on year, from $379,224 to $443,795.
- Following that, the average price per square foot increased from $153.97 to $188.33.
- The median price per square foot increased as well, rising from $144.66 to $179.55.
- The median price increased by 20.56% year on year, from $304,415 to $367,000.
- The percentage of sales that were close to the original list price was 100.84%, an increase of 2.68% year over year.
- Active listings fell by -27.81% year on year.
- New homes listings fell by -8.22% year on year.
- The number of days to sell fell from 73 to 68.
- Months supply for single-family houses fell from 1.0 to 0.7 months.
The median list price of all Neighborhoods in Dallas County, TX
High and Low Home Prices in Dallas
How do you envision the Dallas real estate market in 2021 and 2022?
Dallas provides housing affordability in the real estate markets in Texas. It has become one of the highly effective real estate markets in terms of property rental. Before the COVID-19 outbreak hit the United States, the Dallas real estate market was predicted to beat its national average equivalent in terms of yearly house value increase in 2020.
In 2020, the single-family house starts in the Dallas-Fort Worth area climbed by more than 30%, generating the region’s largest amount of building in more than a decade. According to Realtor.com research on the nation’s top metros, DFW may witness a combined sales and price increase of 12.3% in 2022.
Dallas-Fort Worth-Arlington has been placed 37th among the best home markets in the United States for 2022. In 2022, sales are predicted to increase by 8.3%, while the median price is expected to climb by 4%. In Dallas County, there were homes for sale of around a 2.7-month supply, which was considerably below what is considered a stable real estate market.
Dallas had a balanced real estate market and was doing well prior to the continuing epidemic. However, the epidemic caused a boom. In 2021, the median price of residential houses sales in the Dallas-Fort Worth-Arlington MSA increased by 18.56%. The total year-to-date price was $345,000. It is $45,000 higher than the median price in 2020. The number of months of inventories now at the end of that year was 0.8, down from 1.1 months in 2020.
Let’s take a peek at Zillow’s pricing patterns over the last several years. According to the Zillow Home Value Index, home values in the DFW metropolitan areas have increased by roughly 137.8% since February 2012. ZHVI is a seasonally adjusted indicator of average house value and market movements across a certain area and dwelling type. It represents the average value for properties in the 35th to 65th percentiles.
Last month, the typical rent for a one-bedroom apartment in Texas was $1,083. Frisco was the most costly city, with one-bedrooms costing $1,500, while Arlington was the most inexpensive, with one-bedrooms costing $1,030.
In January 2022, the typical house price in Dallas increased by about 16% year on year to $315,000. For months, increased competition for available homes on the market and low mortgage rates have put persistent downward pressure on housing prices. According to estimates, the market will continue to favor sellers in 2022 due to a huge imbalance between demand and supply.
Housing inventory is low in several major cities around the country, including Dallas. Prices will most certainly rise again during the following 12 months due to demand and supply factors. The DFW housing market is expected to be characterized by low inventories and strong demand in 2022, owing to limited inventory and a significant price rise.
Inventory of properties costing less than $300,000 will be especially limited, putting a damper on sales in that price range. Since listing activity looks to have peaked and is beginning to rise, inventories could increase in the coming months, reducing some of the pricing pressures. Due to the huge increase in property prices over the course of the year, some families are likely to have been priced out of the market entirely.
Due to the decreasing demand from purchasers and increased supply of new houses, research economists believe the market will revert to something more normal in 2022. Arlington house price growth will continue to rise during the next 12 months.
Best Areas to Live in Dallas
Dallas offers several intriguing neighborhoods to explore if you want to be in the center of the city. When deciding where to live in Dallas, you’ll have plenty of options, whether you desire an artsy neighborhood with colorful boutiques and galleries or a pet-friendly region with plenty of green space.
1. Bishop Arts District
This hipster area, located just southwest of downtown Dallas, boasts brag-worthy eateries such as The Dallas Grilled Cheese Co., where bacon and brie grilled cheese fantasies turn into reality, and artisan candy stores such as Dude, Sweet Chocolate.
Dallas’ Uptown region, as the name indicates, provides a true urban living experience in the center of the Big D. The area is one of the most accessible in the city, with a variety of boutique stores, entertainment options, and art galleries.
3. Oak Lawn
Oak Lawn, the heart of Dallas’ LGBT population, boasts a thriving nightlife scene and hosts the city’s annual Dallas Pride march down Cedar Springs Road. Oak Lawn is largely appealing to individuals in the mid-20s to late-30s, having fewer children and families in the neighborhood.
Lakewood, located on the west side of White Rock Lake, offers lakefront living in the heart of Dallas. Lakewood’s old houses offer a unique blend of architectural appeal set against a stunning setting of rolling hills and rich wildlife.
5. University Park
University Park is a well-to-do suburb named for its primary attraction, Southern Methodist University. University Park, considered as the “sister neighbor” of famed Highland Park, provides the same affluent abodes with a younger neighborhood and great schools.
7. Preston Hollow
Preston Hollow, located just north of University Park and across Loop 12, is home to many of Dallas’ elite, including previous U.S. Presidents, corporate tycoons, as well as NFL royalty.
If you need assistance deciding amongst the greatest locations to live in Dallas after examining your alternatives around the state, Four19 Properties have various strategies to help you find a property that meets your needs in the community of your choice.
Sale-to-list Price Ratio in Dallas
In February 2022, Dallas County, TX became a seller’s market, which indicates that there are more buyers than available properties. Making Four 19 Properties to be part of the statistics since we buy houses in Texas.
A balanced market has a total sales to total listings ratio of 0.12 to 0.2. Markets with a ratio more than 0.2 prefer selling, whereas markets with a ratio less than 0.12 are in favor of buyers.
Average Days On the Housing Market
Homes in Dallas, Texas sell after 42 days on the market on average. The average days on market in Dallas County, TX have decreased from last month, and have decreased marginally since last year.
Many real estate developers have questioned if buying a home in Dallas is a prudent financial move. If you would like to discover what the real estate market would be like in 2022 for real estate investors and purchasers, you need to look further into local patterns.
The Dallas property market is an ideal area to invest in income homes, whether you’re buying your first or expanding to your existing portfolio. When it comes to real estate, it isn’t any more “located” than this.
From first-time homebuyers to seasoned homebuilders, the Dallas property market provides exceptional profit-generating prospects for all kinds of real estate investors, especially companies that buy houses in Dallas. The great bulk of Dallas’ housing stock consists of big apartment blocks and single-family houses, with modest apartment buildings comprising the majority of the remaining properties. In Dallas, there is an equal number of owner-occupied and renter-occupied homes.
Among the real estate companies, accepting cash offers for your house for cash home buyers in Arlington, Four 19 Properties is at the forefront of ensuring you get the best deals. Our staff specializes in assisting local homeowners in dealing with tough situations such as foreclosure, probate, loss of a loved one, divorce, and others. We buy properties as-is and save homeowners money and their precious time.
You’ll be able to profit on property values, handle several offers, and locate the ideal buyer if you work with an experienced realtor. It will be even simpler to sell your property at a great price this year if you have an expert on your side. Selling your house without a realtor can prove to be a great risk.