Here’s what happened to the DFW real estate market during Q1.
Today, I’m here to share some intriguing market data with you. As we know, statistics can be manipulated, but I strive to provide honest insights. Some experts predict doom and gloom, while some real estate agents always claim it’s a great time to buy or sell. However, I take pride in presenting factual information to our clients. That’s why today I’m sharing the real condition of the market.
Comparing March 2023 to March 2022, we’ve observed a doubling in inventory, meaning there are twice as many homes on the market now than a year ago. However, sales have declined by 23% year over year, while the month’s supply has doubled from one to two months, and days on the market have more than tripled from five to 16 days.
“The Dallas-Fort Worth market is moving toward a more balanced situation.”
A closer look reveals that the market struggled in November and December when interest rates increased significantly. Days on the market spiked to around 30 days, compared to five days a year ago. Now, it’s back down to 16 days, reflecting a still-dominant seller’s market with only a two-month supply.
The Dallas-Fort Worth market is still technically a seller’s market but is moving toward a more balanced situation, making it a favorable time for both buying and selling. While there are still more buyers than sellers, which benefits sellers, buyers are in a better position now than they were a year or two ago when the supply was less than a month.
For more detailed information and any questions, please don’t hesitate to call or email us. We’re always happy to help.
