Most people who live in the DFW area know that the North Texas real estate market was hot in 2016. With home sales breaking records, up 13.5 percent from the year prior, this was not your typical November. What you might not know, however, is that several North Texas areas topped Realtor.com’s list of most searched zip codes this year. In fact, every single one of the top ten searched zip codes were in Texas!
While the very top four searched were in the Waco area (blame the hit cable TV show Fixer Upper for that), the rest were in the DFW Area. Carrollton, Hurst, Bedford, Plano, Dallas, and Arlington rounded out the list, and we can’t say we’re surprised. North Texas Real Estate Information Systems (NTREIS) recently released their latest market statistics, which show an increase in demand for DFW homes.
Throughout 2016, real estate sales have consistently increased with new listings up five percent in November to 8,911 listings. Meanwhile, homes are selling in fewer days and for higher prices. This has remained the trend throughout the year. Last month the median sales price rose a staggering 15.1 percent from just under $200k to $230,000. This means that the average home is costing DFW residents $30k more than this time last year. While that’s not great news for potential homebuyers, home owners should be happy to see an increase in equity.
Inventory of homes for sale dropped 9.1% in November, as to be expected with such high demand. With that, month’s supply of homes for sale dropped 10.3% year over year to 2.6 months. To put that in perspective, the Texas A&M Real Estate Center cites 6 to 6.5 months as a balanced market.
The average Dallas/Fort Worth home for sale lasted 43 days on the market before being sold, which is not necessarily reflective of the most desirable neighborhoods. This year, it wasn’t uncommon to see a well-priced home in a popular neighborhood sell in a matter of days, some before they even hit the market officially!
People looking to buy a home in the above mentioned most searched areas, as well as the popular areas of Frisco, McKinney, Flower Mound, and Allen should enlist the help of a well-connected, experienced real estate agent to stay ahead of the competition. Dallas/Fort Worth real estate agents should have access to pocket listings, which are homes that have not officially hit the market. Viewing these listings first can give potential homebuyers an advantage over those that don’t have access. There are also several tricks of the trade that experienced agents will use to ensure your offer sticks out from the crowd. In a market like ours, having every weapon in your arsenal at the ready is key!