Dallas-Fort Worth Real Estate Market Update
Lately it seems like the more we look at the media headlines and read their articles about the local (and national) real estate market, the more we see how they aren't usually basing their information on true data. Or they skew the data for their narrative...which is usually fear-based. If we all made decisions based on the mainstream media, well, we could be setting ourselves up for some costly mistakes.
We're here to provide you with the factual data, and hopefully decipher it so that you can easily understand it. When you have clarity, you are in a better position to make good decisions for you and your family when it comes to real estate - whether buying, selling, investing, or cashing out for other life situations.
Based on the latest data below, the median home price across DFW is up by 2.4% since February of 2023. The good news is that home prices are not crashing, as we have been hearing for the past couple of years. They're actually continuing to increase, as we've been predicting (based on the data and what we are seeing in our local market). This may be bad news for home buyers. But the flip side is that they are increasing at a MUCH slower pace than we saw a couple of years ago. We're going to a more "normal" appreciation rate. And there are more homes coming up for sale on the market this year than last year. Which means more home options for home buyers.
And if you scroll down and view the mortgage rate chart, you can see that rates are holding fairly steady. The Fed has not yet decided to decrease rates. And even if they do, we don't see that they will until the last quarter of the year. And it won't be by much...in our opinion. The numbers show that there is much pent-up home buyer demand since they have been waiting throughout 2023 to buy, hoping rates and prices would go down. If mortgage rates dropped into the 5% range, there would likely be a surge on homes, causing prices to increase significantly. We are already seeing and helping home buyers this Spring, with more deciding to buy this year.
Talking with the right real estate agent and lender will be paramount to know your options when it comes to buying a home in 2024. If you're considering buying or selling a home this year in the Dallas-Fort Worth area, let's talk about the best strategies that make sense for you and your family.
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We’re open, accessible, and always ready to help—whether you're exploring your options or ready to take the next step. Call, text, or email anytime.
