The Dallas TX Housing Market Sales Data For 2022

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Real Estate

This has been quite the year for real estate in Dallas TX, and across the nation.  The "gold rush" that home owners were experiencing over the past few years has come to an end.  In July of this year the real estate market saw its peak before everything has started to slowly level out.  Which is a good thing for home buyers.  However, it is quite an abrupt stop.  Throwing many real estate agents like myself into a little bit of a frenzy.

Real Estate deals are starting to come far, and few while everyone is getting their minds wrapped around what exactly is happening.  High inflation for everyday goods, and high mortgage rates for a home is much to blame.  Normally this time of year I see a lot of contracts come across my desk as clients wants to get last minute deals done before the New Year.  Right now I have only one deal in the works.  Compared to about 3 or 4 deals.

That is why educating my clients on the current market is Dallas is very important.  Home owners still have a lot of equity in their homes.  They can still sell, and make a profit right now.  And home buyers can still find a good deal even with high mortgage rates.  Sure you are paying a higher interest rate, but you can refinance.  Also, the money you are saving on a home price and down payment out weighs the high interest.  A higher interest rate means there is more room for you to refinance at a lower interest rate in the future.  

Below I have listed some quick market stats over the past year ending in November of 2022.

-New Listings are down by 9.9% in Dallas TX right now compared to one year ago.  About 10% on average.  

-Pending Home Sales are down 33.6% on a year over year basis.  These are listing updates moving from a house that is being listed for sale to a pending home sale status after they except an offer from a home buyer.

-Active Listing Housing Inventory in Dallas TX is up 53% on a year over year basis.  

-Price Reductions is at 49.57%.  This is much higher compared to one year ago which was at 39%.  

-Median Days On Market is at 33 days.  Houses on average are selling about 12 days slower compared to 2021 in Dallas TX.  Which is still well below 2019 which was at 51 days to sell a house.  However, days on market in June and July of 2022 was 17 days on market.  So, we have doubled the days on market in the past few months.

-Sale Price To List Price Ratio houses are selling about 2% below the sellers asking price on average.  Compared to a year ago houses were selling 1% over asking price.  Spring and Summer of this year homes were selling 6% over sellers asking price. 

These are all indications that the market is starting to soften, and the right time to buy a home might be right around the corner for next Spring.  Call me for all your buying and selling real estate needs!

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