It looks like the Dallas Real Estate Market is going to be very chilly this winter. Both real estate experts and economists are not as optimistic about the year ahead as they were when we were in the red hot sizzle of this summer.
This past year has been my biggest in production sales as a Dallas Real Estate Agent. Not only in the total number of homes sold, but the price tags. All of North Texas felt this real estate boom. We saw historic price gains that kept sky rocketing higher, and higher as we were coming out of the crippling affects of the Pandemic. At the likes of 20%. 2022 was on track to see much of the same. Many real estate analysts were predicting 21-22% in increased home values across DFW, but with recent statistics it is looking more like half of that will be what North Texas will see.
James Gaines is a Research Economist at The Texas Real Estate Research Center at A&M University. He provides a lot of valuable data for the Dallas Real Estate Market. Much of which is spot on. Recently he stated that, “prices will be up about 8% or 9% or 10%” next year... That's a lot different then the 21% we were expecting.
This doesn't mean that the market is dead. Or that moves aren't being made. As a busy Top Producing Real Estate Agent in Dallas, it doesn’t feel like the market is cooling that much. However, I do feel it coming.
Homeowners are still seeing multiple offers with contract prices over asking, but not at the pace they once were. There are a lot less offers being made, and in many cases weeks or months after hitting the MLS. Home buyers are simply starting to get fed up of how crazy the market has been, and sitting on the sidelines. A lot of the desperate buyers are simply not as desperate right now.
There is both a limited number of homes on the market, and price increases are still too much for the average family. Not to mention that it is the holiday season, and life is somewhat back to normal with traveling. A lot of homebuyers are simply busy enjoying their lives. They would rather be staying in their current home, and traveling right now. They are feeling “buyers' fatigue”, and it is starting to show in the real estate data.
This is signaling that we are heading into a buyers market. At least a slight buyers market. We won't fully be in one unless we see a lot more inventory hit the MLS, but that doesn't happen over night.
The market is still strong. In the past year Real Estate Agents saw home prices going 10% or more over asking, and with multiple offers. I will still never forget an agent at my office saying she lost out on an offer that was $100,000 over asking price in Allen TX. Now, agents are seeing a handful of offers with the likes of 3-5% over list price.
The Dallas Real Estate Market is seeing a chill for sure, but it's not the end of the world. There is a lot of new construction being built right now all over Dallas. I have over 2 dozen half duplexes under construction right now. They will be ready by next Spring, and Summer. The market will thaw out some next Home Buyers Season.
Call me for all your buying, and selling needs!
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