Happy Thanksgiving! It’s truly a time to be thankful, and we, for one are thankful to reside in DFW. November is usually a “cooling off” period for real estate in Dallas/Fort Worth, but the market remains strong with tighter inventory and rising prices.
In October, the number of active listings in the DFW was down 18% from this time last year, and down 2% from the previous month. Currently, the available inventory of single-family homes is standing around 3.6 months, which is well below the six month mark that is considered balanced between available homes for sale and housing wanted.
The median price for Dallas-area homes was $173,000 in October, which is an increase in price from it’s $153,000 October 2012. Additionally, homes spent an average of 55 days on the market, which is down 23% from this time last year. Keeping with the trend, the number of closed sales was down .3% from this time last year at 667 homes sold.
The way the market is trending right now, if you’re thinking about purchasing a home in one of the more competitive markets like Plano, we would advise enlisting the help of a Realtor to make sure you have the edge on other buyers. If you would like to search for homes in Dallas, TX you can visit our advanced search page to begin looking for your perfect home!