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As we gear up for the spring season in the housing market, many people are concerned about the state of the economy and how it affects property values. With so much confusing data and misleading headlines circulating in the news, it can be challenging to get a clear understanding of what’s happening. Is now a good time to sell or buy? Or either? Let’s talk about it…
Hey there,McKee Smith, Senior Real Estate Specialist and Realtor with Competitive Edge Realty here.
On a national level, U.S. house prices have held steady near their peak levels reached during the summer of 2022. Over the past four months, only minor changes in the overall market have occurred. But is that what we are experiencing in the North Central DFW area? Let’s take a big-picture look at the data…
For North Central DFW area, closed sales are 3% from last February. This is likely due to the market rebalancing itself. During the last half of 2021 and the first half of 2022, buyers were willing to pay incredible amounts for the few homes available. That all shifted starting in June of last year. As a result, total sales are up!
New listings are also up 5% from last February for the same reason. This is good news for both buyers and sellers. More buyers are getting into homes and sellers are having an easier time finding places to live after selling.
Because of the rebalancing, average home prices are down 17% from February 2022. Before anyone panics that the market is collapsing, please note prices are still up 9% from 2021! The market during the last half of 2021 and the first half of 2022 was unsustainable.
Likewise, average days on the market jumped from 30 day in February 2022 to 49 days this February. That’s a big jump! But, looking back the average days on market for February 2019 was 53, for 2018 was 48, for 2017 was 42 and for 2016 was 42. The market has rebalance toward the historical norms. Again, the last half of 2021 and the first half of 2022 were not normal!
One thing to remember is that local price trends can vary greatly depending on your price range and neighborhood area. Let’s look at the data instead of the drama to determine what your home is worth in today’s market. Click HERE for a complimentary home value report, also known as a competitive market analysis.
And if you’re a buyer, it may be time to get back in the game, as there are more homes to choose from and, likely, even more to come with the Spring market