"How's the market?" and "How's business?" are the two most frequently asked questions I hear as an agent right now. So I wanted to take the time and share some of the market reports I get and what the market is telling me.
Below is the sum of all the counties that comprise Dallas-Fort Worth and as you can see, the market is still on fire.
What does on fire mean? It means that days on market is LOW, because the number of buyers is still HIGH and DFW is a desirable area to live. The demand is higher than the supply by a lot. It means that we don't have enough inventory to get us through much more than a month which means if no more houses come on the market and buyers continue to close on homes, all the houses would be gone in roughly a month! In a typical balanced market there is about 6 months worth of inventory. Just let that sink in, we have about 1/6 of the houses we normally have on the market at one time.
We have seen an increase in price (We've all noticed this) but, interestingly enough in the last quarter we also saw an increase in sales. We finally saw a tiny surge in the number of homes on the market, but because they had been in such high demand, they were quickly snatched up by the buyers who had been patiently waiting for the right house at the right price.
Here is another incredible report I get each year about the state of Texas and it's buyers and sellers. I'll let you read their summary since they said it better than I could have:
Below is a link to the PDF Denton Co. Report from September 2020 and another link to the PDF for September of 2021 so you can see the difference from Pandemic year 1 to Pandemic year 2. It's neat to see on a more local scale what's happening and then realize that the large scale is in fact reflective of the small scale. Essentially, it matters little where you are at this point, the Texas real estate market is on fire.
If you have more questions or would like to see local data for your city or a city you're considering for relocation, reach out, I can find those and send them over to you :)