It’s the holiday season! It’s a time when families get to spend quality time together, eat good food, and be merry. It’s been a great year here in Dallas/Fort Worth. Our city’s population and job growth shows no signs of slowing down, so 2014 should be another competitive year for DFW real estate.
According to the market statistics released by NTREIS, in 2013 there were 88,156 single-family homes sold in the area. That's 17.6% more than the same time frame in 2012. The median price for North Texas homes was $172,500, which is 10% more than the same time last year. In November, inventory remained low at 3.4 months, which is 30.8% lower than November 2012. A balanced market is between six and seven months inventory, so it's definitely a sellers market!
Additionally, homes spent an average of 60 days on the market, which is a decrease of 15 days from one-year prior. The number of active single-family homes on the market was 16,719, which is 19.3% fewer homes for sale than November 2012. There are fewer options on the market, and homes are selling faster for a higher price. As the DFW area continues to grow, the housing market should continue to be hot!