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."
Plano homes for sale put you right in the middle of one of Texas's great centers of culture and fine arts.
Our real estate agents know that when you're buying a home, it's not just about picking the right piece of property. You want to move into the right community – one you'll be excited to live in for many years to come. As the ninth-biggest city in Texas, Plano has so much to offer.
The Downtown Plano Arts District Ranks as One of the Top 10 Best Downtowns in America
The Downtown Plano Arts District has a style all its own. You can catch a show at some of the top venues in the Lone Star State, discover boutiques, galleries, and antique shops, or savor scrumptious fine dining.
Downtown Plano Arts District is a vibrant place, energized by more than ten major public artworks that have been unveiled over the last few years. You'll see sculptures, murals, and more, all commemorating Plano's fascinating history, culture, and future.
Plano's Arts District is also the centerpiece of its social calendar. More than a dozen annual events take place every year, and McCall Plaza hosts trivia, live musical performances, and more every week. There's always something to do, no matter the season or the reason.
Some of the biggest Plano Arts District events include Asiafest, the Plano International Festival, Plano Artfest, Steinfest, and the Urban Movement Festival. For those who want to get involved, there are countless community groups to join – and, of course, you can always start your own.
Let's look at five popular stops along your Arts District journey:
Contact us today to learn more about life in Plano, Texas.
Want to plan some outings that you and your kids can both enjoy? The DFW is full of family-friendly activities that are entertaining and educational. Our real estate agents love spending quality time with their families at these great spots around the Dallas-Fort Worth area.
Contact us RE/MAX DFW Associates for help with any of your real estate needs.
Legacy Food Hall is a favorite among residents around our Plano homes for sale who visit this spot regularly for great food, lively entertainment, and excellent company. In fact, this food hall was mentioned by Taste of Home as one of the Best Food Halls Across the United States.
Legacy Food Hall has been a landmark of downtown Plano since it opened in 2017. The hall opens at 10 AM every day and closes as late as 1 AM on Fridays and Saturdays, though some vendors may keep slightly different hours.
The location also hosts a hall-wide happy hour every day between 3 PM and 6 PM, giving patrons the chance to mingle and pick up discounted drinks from any of the many bars on the premises.
The main attraction at the food hall is, of course, the food. The hall showcases nearly 20 food vendors specializing in cuisines from all over the world. Savor the sublime spiciness of Chilango's Tacos, sample high-grade lobster and other seafood from Dock Local, or treat yourself to a handcrafted marshmallow-laden dessert from the popular Mallow Box – it's all up to you.
When it's time for a drink, you can head over to one of the many bars on the premises. One of the most popular is Unlawful Assembly Brewing Co., an award-winning local brewery with innovative brews like Public Dissent, Smoke Screen, and Peacemonger. Curious about how these beloved brews get made? The company offers brewery tours every Saturday to give guests the inside scoop.
If you prefer cocktails over beer, Bar Main is the place for you. This elegant establishment serves Unlawful Assembly brews, but the real highlight is the range of handcrafted cocktails made using local alcohol as a base. Some of the most popular drinks on their signature menu are the White Mezcal Negroni, the Lucky Charm, and the Blackberry Bourbon Mule.
This hall is more than just a place to sample some great local food – it also offers plenty of entertainment for patrons to enjoy. Their trivia nights and live DJ music liven up the atmosphere in the communal eating area and make the space feel like one big party.
If you want to make your night out into a complete experience, head out to The Box Garden. This sizable outdoor space is a big part of the hall's appeal, especially for younger patrons. Here, you can enjoy live music, movies, dancing, sports broadcasts, and other public events among an enthusiastic crowd. You can also rent part or all of the space for special events like reunions or weddings.
Legacy Food Hall is well worth visiting, but it's not the only exciting attraction near Plano. From nightlife to family day trips, this area is full of things to see and do. Interested in living a little closer to the action? Contact us today to arrange a viewing of a local home with one of our real estate agents; we'll be happy to help you find the perfect Plano property for you and your family.
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.
When our real estate agents heard that National French Toast Day was coming up on November 28th, they got super excited! There are some great breakfast and brunch places in the Dallas–Fort Worth area, and this gave them a reason to try some of them out.
Start your morning out right with French toast from these local restaurants.
If you're ready to enjoy amazing dining options like this all the time, we can help you find the perfect home in the Dallas–Fort Worth area. Contact us today to discuss your goals and start exploring your options.
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.
Everything's bigger in Texas, but it looks smaller when seen from the treetops. Ziplining is just one of the outdoor activities that make the Dallas-Fort Worth area such a great place to live. Our real estate agents recommend getting your adrenaline pumping at these exciting parks around the DFW.
After a day outdoors, there's nothing better than heading back to your own DFW home. Contact us at RE/MAX DFW Associates for friendly and experienced real estate help.
Whether you're permanently working from home or just want a space where you can create in peace, it's important to set up an inviting home office that you look forward to working in. Our real estate agents also find that a home with a home office is more appealing to potential buyers. You don't have to undergo a complete renovation to update your home office; instead, check out these simple ways to give your home office a boost.
Searching for a home with a larger space for a home office? Contact us today to explore your options!
Mother's Day is fast approaching, and there's no better way to appreciate your mom than treating her to a delicious meal. Start Mother's Day with a memorable brunch at a fantastic local restaurant. Our real estate agents have rounded up some of the most exquisite DFW restaurants where you'll find a delicious treat that your mother will thoroughly enjoy:
Do not hesitate to contact our real estate agents to see what we have on offer.
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.
Valentine's Day is right around the corner. If you're looking for a way to impress that special someone, flower deliveries are always a big hit!
Choosing the right florist can mean the difference between sending a gift that's truly stunning and one that's underwhelming. If you're not sure which florist to choose, you're in luck. Our real estate agents have had the pleasure of working with some of the best in the area. Here are a few of their recommendations.
Are you ready to find a home you can truly fall in love with just in time for Valentine's Day? We're here to help! Your dream home is out there waiting for you, so don't delay. Contact us today to discuss your goals and get started.
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.
Wouldn't it be nice to live in a city where you can have it all, without breaking the bank? While so many of the most popular cities to call home come with a cost of living that's significantly higher than average, that isn't the case when you live in Plano, TX. Plano offers all of the benefits of the best cities, with an affordable cost of living that makes it easy to enjoy all the city has to offer. Our real estate agents have all the details on the affordable cost of living in Plano and why it's such a great place to call home.
Plano Is an Affordable City with so Much to Offer
According to REALTOR® Magazine, Plano has the 15th lowest cost of living of any city in the country. The rankings are calculated based on the combination of utilities, food, essential services, and the monthly cost of living. Add it all up, and Plano costs about $1,750 per month to live, which puts it on par with cities like Virginia Beach, VA, and Tulsa, OK. That is less than half the cost of some of the most expensive cities in the country, like San Francisco ($4,315 per month), New York City ($4,178 per month), and Boston ($3,426 per month).
Why Choose a City with a Low Cost of Living?
When you shop for Plano homes for sale, you can be confident that you will make the most of your income in your new city. A lower cost of living impacts life in so many positive ways and may even influence your home search. When you know you will have lower monthly costs, you may be able to buy "more home for your money" and dedicate more of your budget to your home. Even after you close the deal on your home, a low cost of living leaves more money to customize your property and keep up with maintenance needs without tapping into emergency funds.
Plano Offers an Affordable Cost of Living Combined with Excellent Income
When you analyze many of the cities with the lowest cost of living, you will find that those cities also have a comparatively low-income rate compared to more expensive cities. That is not the case in Plano, where you will find an affordable lifestyle combined with income numbers that actually beat many more expensive cities. The average household income for Plano residents is actually more than $88,000, which checks in more than $30,000 above the average city in the United States.
How Will You Make the Most of Your Money in Plano?
Ultimately, the benefits of strong income numbers and an affordable cost of living depend on the individual. Do you dream of buying a home that you can customize to your heart's content? Would you like to boost your savings for a rainy day or put away money to send your kids to a great college? What about making the most of your downtime, with extra money for entertainment, travel, and exploring the city? When you live in Plano, you can truly have the best of both worlds.
Are you searching for a vibrant, affordable city where you can make the most of your money? Our team is here to help you find the perfect home. Contact us to buy and sell homes throughout the Plano, TX area.
Whatever else is going on in our lives, Thanksgiving is a constant, providing us with a comforting sense of gratitude. Celebrate in style with a fine-dining feast from one of these upscale restaurants around DFW recommended by our real estate agents.
In 2021, will you be giving thanks for a new home in Dallas or Fort Worth? Contact us at RE/MAX DFW Associates for help with all your real estate questions.