The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today. DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.
And what a difference a month makes. Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year. In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021. Homes in DFW spend an average of 23 days on the market before selling.
Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates: "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."
While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said. Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing. "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."
A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons. According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.
Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.
According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June. Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.
The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit. Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing. This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"
Luong said he sees positive signs in the market. The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country. "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."
Dallas is an amazing place to call home for anyone who loves architecture, with a diverse mix of historic buildings and the latest, ultra-modern designs. Around nearly every corner, you will find something interesting to see, whether you explore on your own or take a guided tour. Our real estate agents know a thing or two about Dallas architecture and recommend these stops on the Dallas Architecture Tour to see the many unique structures all around the city.
Are you ready to find a piece of Dallas architecture to call your own? Our team is here to help you find your next home. Contact us to buy and sell homes in the Dallas, TX area.
It may not be the horse-drawn sleigh of old, but your car serves as a perfect vehicle for seasonal adventures. Our real estate agents can't wait to take in these holiday light displays that are just minutes from Dallas homes for sale.
Have your own festive light display in your new DFW home. Contact us at RE/MAX DFW Associates to learn more.
After weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.
As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.
April showers may bring May flowers, but Mother Nature's creativity is still in full bloom during the fall. Our real estate agents love to visit these incredible gardens, just minutes from Fort Worth homes for sale.
The best garden of all is the one you plant in the backyard of your own Fort Worth home. Contact us at RE/MAX DFW Associates to speak with one of our experienced agents.
Love to cook? If so, you may be looking for a dream kitchen among Fort Worth homes for sale. You probably have some good ideas about what you want in a kitchen, but our real estate agents have some insightful advice that might make you reconsider what you're looking for. For instance, many homeowners think large when it comes to kitchen space, but experts say it's more important for your kitchen to be organized than to be expansive.
Make the most of your kitchen with these upgrades.
Still looking for a home complete with the perfect kitchen for all your culinary adventures? Our agents can help. Contact us today.
Moving is a hectic transition for anyone to make, whether you're relocating across town or across the state. You have to arrange the details, pack everything up, stick to schedules, transport your family to the new place, live in chaos, and figure out where everything is. It can be challenging to handle all the tasks and still be sensitive to your child's experience as well. Our real estate agents have got some tips to make a move easier for the whole family.
Looking for a new place to eat in the DFW area? You're in luck. This area is home to a thriving community of eateries that has something to offer for every hungry would-be diner. Our real estate agents can help you find a home close to countless new DFW restaurants, including the five listed below.
With all of these options to choose from, you'll always have a great place to enjoy a meal in the DFW area. Contact us today for help finding the perfect DFW home for you.
Renovating or updating your home is an exciting prospect. Whether you plan on living there a while longer or are fixing it up to sell soon, doing much-needed updates can be satisfying. Before you get too carried away, though, here are a few words of caution from our real estate agents.
If you're looking to sell your home soon, home improvement projects are a great way to boost its appeal to buyers. For more information about what upgrades sell the best, or to speak to an agent, contact us today.
Our real estate agents love having an excuse to enjoy a sweet treat. March 14th is affectionately known as "Pi Day" -- and we think that's close enough!
There are so many great bakeries in the DFW area, you might want to start visiting them now, so you're prepared when the big day rolls around. Here are a few of our favorites.
Are you looking for a "sweet" deal on a new home? Our agents would love to show you some of the area's best neighborhoods! Contact us today to discuss your goals and get started.
The parks and trails of the DFW area have so much to offer, and now is the perfect time for an outdoor adventure with your furry friend. Many of the best DFW trails are dog-friendly, with beautiful green spaces to explore and plenty of opportunities for your pup to play with new friends. There are trails located in popular parks and nature preserves and trails that connect multiple local outdoor attractions. Our real estate agents have all of the details, with our guide to 6 trails that you and your dog will love in DFW.
Cedar Ridge Preserve – 7171 Mountain Creek Pkwy, Dallas, TX 75249
The Cedar Ridge Preserve is a nature preserve located close to Dallas homes for sale, with various trails to explore. It's a popular spot for bird-watching, with wooded trails that are also ideal for adventures with your pet. There are a total of 13 short trails winding throughout this outdoor space, all maintained beautifully by a dedicated team of conservationists.
Tails 'N Trails Dog Park – 950 SE Green Oaks Blvd., Arlington, TX 76018
Ideal for dogs who love to socialize, the Tails 'N Trails Dog Park is easy to reach from Arlington homes for sale. This space includes an expansive off-leash dog park that's perfect for playtime, along with trails to traverse. You will frequently find plenty of other dogs here for your pet to play with, especially if you visit on weekends.
Northshore Park Trail – 2908 N Park Dr., Flower Mound, TX 75022
You'll find tons of great trails to explore near Flower Mound homes for sale, including the popular, multi-use Northshore Park Trail. This trail, which is part of Northshore Park, is used by mountain bikers, hikers, and pet owners from throughout Flower Mound. When you're looking for a quiet, secluded spot for a walk, try visiting in the morning or early evening.
Preston Ridge Trail – 6994 Belt Line Rd., Dallas, TX 75254
Looking to explore multiple parks on the same day with your pup? The Preston Ridge Trail connects a variety of parks within Dallas and can even take you all the way to Plano. You can pick up the trail at Fretz Park, then follow it for more than 6 miles as you visit Salado Park, Campbell Green Park, and points beyond.
Trinity Forest Trails – 4750 Great Trinity Forest Way, Dallas, TX 75216
If you're searching for a trail system that offers long, scenic walks, the Trinity Forest Trails are sure to catch your eye. This trail loop runs for more than 10 miles, connecting an eclectic collection of outdoor attractions that include Trinity Forest Golf Course, the Texas Horse Park, and the Trinity River Audubon Center. This trail is twelve feet wide and fully paved, so there's plenty of room for outdoor fun, even when the trail gets busy.
Tandy Hills Natural Area – 3400 View St., Fort Worth, TX 76103
There are plenty of gorgeous outdoor spaces to explore near Fort Worth homes for sale, starting with the 160-acre Tandy Hills Natural Area. This conservation area provides a window into the past of DFW in a classic Fort Worth prairie environment. The land has never been developed and is especially beautiful in the spring when prairie flowers are in full bloom.
Ready to find a Texas home that both you and your favorite pet will love? We can help. Contact us to buy and sell homes throughout the DFW area.
No matter how big a house is, we seem never to have enough storage space. The problem might be you just haven't unlocked the secrets of a good storage strategy.
If you're considering homes among Dallas homes for sale or Fort Worth homes for sale, and you're wondering if the storage will be sufficient, just keep these tips in mind for how you might expand the storage space in your new home.
All these small changes will add up and provide you and your family more space so you can live more comfortably in your home.
Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.
In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.
Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.
November 3rd isn't only Election Day; it's also National Sandwich Day. Hot or cold, thin or high, there is no wrong way to make a sandwich. Everybody has their own ideal combination of bread, meat, and cheese, and this simple creation has become the staple of the all-American lunch.
Our real estate agents love our local sandwich shops and pulled together a list of six recommendations we think you should check out on National Sandwich Day.
One of the best parts about living near in or around Dallas / Fort Worth is that there are always new restaurants to try. For more local business recommendations, contact us today!
As culinary icon Julia Child so aptly stated, "A party without a cake is just a meeting." Our real estate agents happily agree that any occasion becomes even more special with a tasty, beautifully-made cake. Add the icing on top of your next event when you order a custom cake from one of these top bakeries around the DFW.
What cake will you choose to celebrate your new home in the DFW? Contact us for help with all your local real estate needs.
The Christmas season is upon us, which means that holiday shopping is in full swing. For people who are new to the area or are in town to see our real estate agents about buying a Dallas-Fort Worth area home, finding out where to go for the best shopping experience is essential. To give those new or potential residents a head start, here are five holiday shopping destinations in Dallas-Fort Worth:
Contact us at RE/MAX DFW Associates when you're shopping for real estate in the Dallas-Forth Worth area.