July 2024 Market Report
July 2024 North Texas Real Estate Market Trends: What Buyers and Sellers Need to Know
As we dive into the heart of summer, the North Texas real estate market is showing signs of change. The July 2024 report highlights shifts across Collin, Denton, Tarrant, and Dallas counties that both buyers and sellers should take note of. Whether you’re looking to make a move or simply staying informed, these market insights provide a clearer picture of what’s happening in the region. See the graphic for stats and school down for more analysis.
1. Price Adjustments: More Flexibility for Buyers
In July, we saw a softening in average list prices across several counties, particularly in Collin and Dallas. This cooling effect indicates that sellers are becoming more flexible as the market responds to increased inventory and longer sales cycles. Here’s a snapshot of what we’re seeing:
Collin County: The average list price dropped to $498,000, a 2.9% decrease year-over-year.
Denton County: Prices also slightly decreased, with the average list price now at $467,000, down 1.3% year-over-year.
Tarrant County: Interestingly, Tarrant County is an outlier, seeing a 2.3% increase in average list price, signaling sustained demand for homes in this area.
Dallas County: The average list price dipped by 0.6%, settling at $362,750.
For buyers, this is welcome news. More homes are available, and prices are adjusting in your favor. Now is the time to explore your options, especially if you’ve been hesitant to enter the market due to the rapid price increases of recent years.
2. Rising Inventory: More Options for Buyers
One of the biggest trends in July is the significant rise in available homes. In Collin and Dallas counties, the months of inventory have grown by 1.5 and 1.6 months, respectively. This increase in supply gives buyers more choice and reduces the urgency of making snap decisions in a competitive market.
For example:
Collin County: Inventory has grown to 3.8 months, meaning more homes are available than in previous months.
Denton County: Inventory increased to 3.5 months, offering buyers more options and time to consider their purchase.
This shift is creating a more balanced market, where both buyers and sellers can engage without the extreme competition seen in recent years. For sellers, it’s important to recognize that homes may take longer to sell as buyers weigh their choices.
3. Longer Days on Market: A Changing Pace
Across all counties, homes are staying on the market longer than they were a year ago. In Collin and Tarrant Counties, for example, the average days on market increased by 7 days year-over-year. While this might seem like a minor change, it can have significant implications:
Buyers now have more time to negotiate and inspect properties without feeling pressured to make quick decisions.
Sellers may need to adjust their expectations regarding how quickly their homes will sell. Proper pricing and home presentation will be critical to standing out in a market where more options are available.
4. A Shift Toward a Buyer’s Market?
The combination of increased inventory and longer days on market suggests that North Texas may be shifting toward a more balanced or even buyer-favored market. This is a significant change from the seller’s market we’ve experienced in recent years, where multiple offers and bidding wars were the norm.
If you’re a buyer, now is the time to take advantage of these conditions. With more choices and less competition, you may have more leverage in negotiating offers, securing favorable terms, or finding a home that perfectly fits your needs.
On the other hand, if you’re a seller, it’s more important than ever to price your home competitively and ensure it’s in top condition. Homes that are priced too high or that don’t stand out from the competition may linger on the market longer than expected.
5. Looking Ahead: What Does the Future Hold?
As we move into the latter half of 2024, these trends may continue to evolve. Factors such as interest rates, broader economic conditions, and local demand will play a role in shaping the market.
For buyers and sellers alike, staying informed about these trends is crucial. At Mosaic Realty Group, we’re here to help you navigate the changing market with confidence. Whether you’re ready to make a move or just want to better understand your options, our team is here to provide expert guidance and insights tailored to your unique situation.
How We Can Help You
Our team specializes in understanding the North Texas real estate market and can offer personalized strategies to help you achieve your real estate goals. Whether you’re buying, selling, or just exploring your options, contact us today to learn more about how the July 2024 market trends might impact you.
📧 Contact us at team@homewithmosaic.com
