Is Low Housing Inventory Driving Up Dallas Real Estate Prices?
There aren’t enough homes for sale in Dallas to satisfy the demand of home shoppers, according to new housing inventory data. The shortage of real estate inventory could severely impact home sales. What does the lack of housing inventory mean for the price of your home?
Fewer Dallas Homes For Sale
Housing inventory is tightening in the Dallas-Fort Worth area. In May, there were less than 20,000 listings. That’s up 8 percent over the previous year, but it’s not enough to keep pace with demand.
Similar stories are being repeated across the country. Nationwide, there were 1.5 million active listings in May, down 11% from the same time in 2016. Although 560,000 of those listings were new in May, many of them have already sold or are priced out of reach for most buyers.
As the inventory of homes for sale has shrunk over the past year, real estate prices across the country have been driven up.
Double-Digit Growth in Home Prices
As home prices keep going up, many buyers are running out of affordable options. For the first time, the nationwide median home list price has broken the $250,000 barrier. The median home price has now risen to $275,000, a full 10 percent higher than it was a year ago.
In Dallas, the median list price is even higher, currently sitting at $355,000. That’s on par for last month, and up 6 percent over last year.
The latest data on housing inventories shows that despite a housing shortage and surging prices, the real estate market is moving faster than ever.
Dallas Homes Are Selling Quickly
Even as prices continue to rise, homes are selling even faster than last year. Nationally, the median number of days on market has dropped to 60 days, according to a new housing inventory chart from Realtor.com. That’s two days faster than last month, and five days faster than the same time last year.
The pace of home sales in Dallas has also picked up, with homes spending an average of just 37 days on the market. That’s 5 percent faster than last year, and nearly half the nationwide average.
Thinking about Selling Your Dallas Home? Now Is the Time.
National real estate data indicates that this season’s housing market is not only the hottest since the recession, it’s also the fastest-moving market in decades. Shoppers are lining up, but in many cases they are unable to find the affordable homes they need.
One aspect of selling a home that the statistics don’t capture is the sheer amount of work required. Cleaning, repairing, and staging your home for sale can be time-consuming and expensive. And although prices are up in many areas, real estate agents still take a large bite out of your profit.
If you’ve been considering selling your home, the time to do it is now. Find out how you can sell your house the fast and hassle-free way to HomeVestors, the “We Buy Ugly Houses” people.