October 2024 Market Update: Shifts in the DFW Real Estate Landscape
Mosaic Realty Group - October Market Report
As we move deeper into the fall season, the DFW real estate market is experiencing interesting shifts across Collin, Denton, Tarrant, and Dallas counties. Staying informed about these trends can empower both buyers and sellers to make smart, strategic decisions in today’s market. Let’s dive into the latest data and what it means for you.
Collin County: Opportunities for Savvy Buyers
In Collin County, the average list price saw a slight drop from $480,750 in September to $490,000 in October—a 1.1% year-over-year decrease. This dip, coupled with a steady days-on-market figure of 54 days, may create a window of opportunity for buyers seeking to get a better deal before the holiday season. The median price per square foot also slightly decreased to $208.43, adding a bit more affordability to the equation.
Key Insight: With prices easing and inventory holding at 3.6 months, buyers have some breathing room to make offers without the intense competition we saw earlier this year.
Denton County: Price Increases Highlight Market Strength
Denton County continues to show strength, with the average list price climbing from $463,495 in September to $475,000 in October—a 5.9% year-over-year increase. The price per square foot also went up to $211.65, underscoring strong demand and sustained value growth in the area. Homes are moving a bit more slowly, with an average of 52 days on the market, up by just 2 days from last month.
Key Insight: This growth in both list price and price per square foot points to a thriving market. Sellers in Denton County can feel confident about listing now, as values continue to appreciate.
Tarrant County: Stability with a Steady Increase in Prices
Tarrant County’s market remained relatively stable, with a modest rise in average list prices, reaching $347,000—a 2.1% increase year-over-year. Median price per square foot remains close to last month’s numbers at $185.19, showcasing steady demand. Homes are lingering slightly longer on the market, averaging 53 days, which is a 15-day increase compared to last year.
Key Insight: Tarrant County offers a balanced market for both buyers and sellers, with a reasonable pace of listings and price stability. This county may appeal to those looking for affordability with gradual value appreciation.
Dallas County: More Options for Buyers with Rising Inventory
In Dallas County, the average list price held steady at $365,000, reflecting a 4.3% increase year-over-year, while the price per square foot experienced a minor decline to $206.40. Notably, inventory has grown to 4.1 months, which is up by 1.3 year-over-year. Homes are still spending around 46 days on the market, giving buyers a bit more time to weigh their options.
Key Insight: The increased inventory signals a more balanced market where buyers have a broader selection of homes. For sellers, Dallas County remains attractive due to the steady rise in listing prices, but expectations around time on market may need adjusting.
Mosaic Realty Group - Per County October 2024
What Do These Trends Mean for You?
In a market where conditions are fluctuating, it's essential to stay informed and seek expert guidance. Here’s how these trends impact buyers and sellers:
For Buyers: With slight shifts in prices and inventory growth, especially in counties like Dallas and Collin, there are increasing opportunities to explore options without feeling rushed. Inventory levels are also rising, giving you more choices.
For Sellers: Rising list prices in Denton and Tarrant counties show a market that's still performing well for those ready to list their homes. Working with an experienced agent can help you understand how long it may take to find the right buyer and set realistic expectations.
At Mosaic Realty Group, we’re dedicated to providing you with up-to-date insights and strategies tailored to your goals. Our team is here to help you navigate the ever-evolving DFW real estate market with confidence and clarity. Whether you’re considering buying, selling, or just curious about what these trends mean for your neighborhood, reach out to us for a personalized market analysis.
For more specific data on property, zip codes, or cities across DFW, contact us at team@homewithmosaic.com.
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