DFW Real Estate Market Update: September 2024
The Dallas-Fort Worth real estate market is starting to show signs of a shift. As we move into the final quarter of 2024, both buyers and sellers are experiencing changes that could affect their next move. Here's what the data is telling us:
Key Market Stats for September 2024:
Median Home Price: $390,000 (Down 1.3% YoY)
Active Listings: 30,046 (Up 41% YoY)
Months of Inventory: 4.1 (Up 1.2 YoY)
These numbers highlight two key trends:
Slight Decrease in Home Values: The median home price in the DFW area has seen a modest decline of 1.3% year-over-year. While this decrease isn't drastic, it signals a softening in the market compared to the previous rapid appreciation we've seen in recent years.
Increased Inventory: With a 41% year-over-year increase in active listings, the supply of available homes is growing. This is a notable change, offering buyers more choices than they've had in a while. The months of inventory have also increased to 4.1, reflecting a more balanced market.
What This Means for Buyers:
If you’ve been waiting for more options or hoping for more negotiating power, this could be your moment. With more homes on the market and prices stabilizing, buyers may find themselves in a stronger position than in the last couple of years.
What This Means for Sellers:
Though the market is softening slightly, prices remain strong overall. However, with increased competition, sellers need to be strategic about pricing and presenting their homes. It’s important to work with an experienced agent who understands the market dynamics and can help you maximize your home’s value.
County Breakdown:
Let's take a closer look at the market trends by county:
Collin County:
Average List Price: $480,750 (Down 3.9% YoY)
Median Price per Sq Ft: $210.31 (Up 2.6% YoY)
Days on Market: 54 (Up 16 Days YoY)
Denton County:
Average List Price: $463,495 (Up 3.0% YoY)
Median Price per Sq Ft: $210.00 (Up 2.5% YoY)
Days on Market: 50 (Up 4 Days YoY)
Tarrant County:
Average List Price: $346,890 (Up 0.6% YoY)
Median Price per Sq Ft: $186.52 (Down 0.3% YoY)
Days on Market: 49 (Up 12 Days YoY)
Dallas County:
Average List Price: $365,000 (Up 1.4% YoY)
Median Price per Sq Ft: $204.46 (Down 0.4% YoY)
Days on Market: 46 (Up 10 Days YoY)
These stats show that while prices have remained relatively stable or even increased in some counties, the number of days homes are spending on the market has risen, reflecting longer sale times as the market cools.
Is Now a Good Time to Buy or Sell?
The current trends present an interesting mix of opportunities. For buyers, the increase in inventory means more options and potentially better deals, while for sellers, the market still holds strength, but strategic pricing is key to a successful sale.
Whether you're thinking of buying or selling, it's essential to work with a real estate professional who can guide you through these shifts. At Mosaic Realty Group, we offer expert analysis tailored to your needs. Contact us today for a custom market evaluation or if you want specific insights into your local area.
Mosaic Realty Group | DFW's Real Estate Experts
📧 Email: team@homewithmosaic.com
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