Things seem to be returning to normal in the North Texas real estate market, according to the North Texas Real Estate Informations System Report for September 2013. All major indices showcase a fairly robust price recovery for most of the region, with new listings increasing 7 percent to 9,301 units.
The number of homes on the market shrank to 28,207 this September which is 19.3 percent lower than this time last year. The Median Sales Price of homes increased to 8.5 percent from $273,500, and the amount of time these homes spent on the market is down to 54 days. That’s 23.5 percent less than in September 2012. The supply of inventory went down to 3.7 months, which is 31.7 percent less than 2012.
People are moving to the Dallas area and purchasing homes for the first time, as well as folks moving on up to bigger homes. This is fueling a recovery of the market. Buyers are buying, sellers are selling, lenders are lending, and builders are building… which is the way the economy likes it!
This is a great snapshot of the overall North Texas market, but contact one of our Real Estate Experts to get more specific details about the community you're in.