Dallas Home Sales Stats for December and 2023

The Year 2023 is in the books, and for most home buyers and sellers, reason to look forward to 2024.  December sales of single family homes in the greater Dallas area were down 4% from a year ago, with median sales prices holding steady.  For the full year, home sales finished down 6% with median sale prices up 1%,  townhome sales down 7% with prices up 1%, and condo sales down 20% with prices up 4%.

For the year, 83,957 single family homes traded hands, but for those who wouldn’t or couldn’t buy homes (mortgage rates), leasing benefited, with a 21% increase in leased single family homes and a 35% increase in leased townhomes.

Yes, mortgage rates were the culprit, reaching 20-year highs.  And these higher rates contributed to reduced availability.  The reduced availability combined with continued strong demand, kept home prices well supported, and this scenario is expected to repeat in 2024.  Speaking of strong demand, two-thirds of millennials are said to be likely in the buyer market in two years, per the National Assn of Realtors (NAR).  Meanwhile, if you are a soon-to-be home buyer, you can take advantage of a few opportunities, namely, no panic buying, a bit more choice, and no need for a 30-year mortgage.  Buy then refi.  Get the house you want, then get the rate you want.

There is a lot of talk presently about Federal Reserve reductions in the federal funds rate now that inflation has lessened.  Such action will inject real vitality in our real estate market, but there are a lot of moving parts.  Stay tuned!

Check out last month’s performance in selected sub markets in the list below. Only sales transacted through the MLS are recorded, so sales are always understated to a small extent.

Overall Single Family Market (North Texas):

Dec 23 vs 22: Sales down 4%, median price unchanged, DOM 44, up 16%

Nov 23 vs 22: Sales down 4%, median price down 1%, DOM 46, up 5%

Oct 23 vs 22: Sales down 7%, median price down 1%, DOM 44, up 16%

YTD 23 vs 22: Sales down 6%, median price up 1%%, DOM 49, up 75%

Overall Condos Market (North Texas):

Dec 23 vs 22: Sales down 22%, median price up 4%, DOM 44, up 16%

Nov 23 vs 22: Sales up 1%, median price up 15%, DOM 34, down 17%

Oct 23 vs 22:  Sales up 6%, median price down 4%, DOM 38, up 46%

YTD 23 vs 22: Sales down 20%, median price up 4%, DOM 37, up 16%.

Overall Townhome Market (North Texas):

Dec 23 vs 22: Sales down 37%, median price unchanged, DOM 56, down 3%

Nov 23 vs 22: Sales down 7%, median price unchanged, DOM 54, down 4%

Oct 23 vs 22: Sales up 14%, median price down 5%, DOM 45, up 5%

YTD 23 vs 22:  Sales down 7%, median price up 1%, DOM 55, up 53%.

Single Family Home Sales Trends:

Dec 2023: 6046 houses, $192/sf avg, 95% sold to asking

Dec 2022: 6289 houses, $190/sf avg, 94% sold to asking

Dec 2021: 8772 houses, $180/sf avg, 101% sold to asking

Condo Sales Trends:

Dec 2023: 165 homes, $237/sf avg, 96% sold to asking

Dec 2022: 211 homes, $237/sf avg, 97% sold to asking

Dec 2021: 415 homes, $211/sf avg, 97% sold to asking

Townhomes Sales Trends: 

Dec 2023: 176 homes sold, $222/sf avg, 96% sold to asking

Dec 2022: 279 homes sold, $220/sf avg, 96% sold to asking

Dec 2021: 329 homes sold, $196/sf avg. 101% sold to asking

Here is a look at Single Family home sales by selected Cities for December 2023 vs 2022:

Dallas: Sales 554 vs 540, Median Price $228/sf vs $212/sf, Sold vs Asking 96%.

Richardson: Sales 50 vs 67, Median Price $208/sf vs $206/sf, Sold vs Asking 95%.

Plano:  Sales 166 vs 151, Median Price $213/sf vs $206/sf, Sold to Asking 95%.

Frisco:  Sales 131 vs 175, Median Price $245/sf vs $235/sf, Sold to Asking 95%.

Highland Park: 7 vs 9, Median Price $751/sf vs $668/sf, Sold to Asking 95%.

University Park: Sales 14 vs 14 , Median Price $558/sf vs $503/sf, Sold to Asking 98%.

Southlake: Sales 24 vs 25, Median Price $305/sf vs $283/sf, Sold to Asking 92%.

Colleyville: Sales 20 vs 14, Median Price $262/sf vs $258/sf, Sold to Asking 98%.

Coppell: Sales 24 vs 23, Median Price $250/sf vs $238/sf, Sold to Asking 94%.

Carrollton: Sales 65 vs 66, Median Price $202/sf vs $204/sf, Sold to Asking 96%.

Farmers Branch: Sales 14 vs 18, Median Price $235/sf vs $232/sf, Sold to Asking 93%.

Allen: Sales 71 vs 71, Median Price $215/sf vs $215/sf, Sold to Asking 95%.

If you would like information for another city, call, email or text me!

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540