Dallas’ median price for single-family homes continued to sell higher than last year, but still lower than in the past few months. The median price for those single-family homes was $404,000 in September, up 13% from the same period last year, but down from nearly $415,000 in August. September also was the fourth straight month of declining home sales in DFW, the result of higher prices, more inventory, higher mortgage interest rates and other economic challenges and uncertainties. A little more than 7,700 single-family homes sold in North Texas last month, a 17% decline from the same period last year, says a new report from the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems. Available homes for sale in North Texas increased by nearly 80%.
New home construction is expected to finish the year down 14% from year ago, which will not help the supply problem. With demand still strong, prices will continue to be supported but experience 30 +/- days on market, bring more sanity to the market. On the subject of interest rates, now hovering around 7% for conventional financing, I will send separately an excellent analysis produced in video form by one of my favorite lenders. Watch for this email soon.
Check out the new “area” definitions in the list below:
Overall Single Family Market (North Texas):
Aug 22 vs 21: Sales down 10%, median price up 15%, DOM 25, up 47%.
Sep 22 vs 21: Sales down 17%, median price up 13%, DOM 33, up 65%.
YTD 22 vs 21: Sales down 7%, median price up 18%, DOM 24, up 4%.
Overall Condos Market (North Texas):
Aug 22 vs 21: Sales down 26%, median price up 6%, DOM 25, down 39%
Sep 22 vs 21: Sales down 17%, median price up %, DOM 29, down 19%
YTD 22 vs 21: Sales down 17%, median price up 12%, DOM 32, down 38%
Overall Townhome Market (North Texas):
Aug 22 vs 21: Sales down 12%, median price up 13%, DOM 32, up 3%
Sep 22 vs 21: Sales down 21%, median price up 23%, DOM 40, up 18%%
YTD 22 vs 21: Sales down 13%, median price up 19%, DOM 24, unchanged.
Single Family Home Sales Trends:
Sep 2020: 10,382 houses, $140/sf avg, 98% sold to asking
Sep 2021: 9662 houses, $172/sf avg, 102% sold to asking
Sep 2022: 7724 houses, $199/sf avg, 96% sold to asking
Condo Sales Trends:
Sep 2020: 323 homes, $183/sf avg, 95% sold to asking
Sep 2021: 452 homes, $201/sf avg, 98% sold to asking
Sep 2022: 326 homes, $233/sf avg, 98% sold to asking
Townhomes Sales Trends:
Sep 2020: 337 homes sold, $154/sf avg, 96% sold to asking
Sep 2021: 353 homes sold, $186/sf avg, 101% sold to asking
Sep 2022: 267 homes sold, $221/sf avg. 98% sold to asking
Here is a look at Single Family home sales by selected Cities for September YTD 2022 vs 2021:
Dallas: Sales 720 vs 825, Median Price $233/sf vs $211/sf, Sold vs Asking 96%
Richardson: Sales 76 vs 118, Median Price $210/sf vs $194/sf, Sold vs Asking 96%
Plano: Sales 216 vs 279, Median Price $217/sf vs $184/sf, Sold to Asking 97%
Frisco: Sales 177 vs 263, Median Price $236/sf vs $196/sf, Sold to Asking 95%
Highland Park: Sales 1 vs 2, Median Price $844/sf vs $617/sf, Sold to Asking 112%
University Park: Sales 9 vs 15, Median Price $700/sf vs $516/sf, Sold to Asking 95%
Southlake: Sales 33 vs 56, Median Price $285/sf vs $266/sf, Sold to Asking 96%
Colleyville: Sales 32 vs 44, Median Price $254/sf vs $219/sf, Sold to Asking 94%
Coppell: Sales 33 vs 48, Median Price $237/sf vs $203/sf, Sold to Asking 97%
Carrollton: Sales 104 vs 116, Median Price $210/sf vs $187/sf, Sold to Asking 97%
Farmers Branch: Sales 19 vs 31, Median Price $237/sf vs $194/sf, Sold to Asking 97%
Allen: Sales 95 vs 137, Median Price $215/sf vs $183/sf, Sold to Asking 96%
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540