Aside from the craziness that was 2016; From the most divisive presidential election in modern history, to the many deaths of celebrities we loved, the year ended strong for the DFW Real Estate market.
Dallas-area home prices were at record levels at the end of 2016 and even made several top 10 lists of the most booming markets in the country. The median sales price for the DFW area (Dallas, Collin, Denton, Tarrant) Counties rose an average of 9.25% from December 2015.
A 9.25% increase in median home value is above the national figures, which is 6.8% (according to Zillow).
Dallas-area residential prices were 46.6 percent higher than they were before the housing market crash. Dallas median home prices dipped about 4 percent during the recession (one of the smallest declines of any major U.S. home market). - Dallas Morning News
Looking to sell? Expect the average agent to take 48 days to do it. Luckily, My approach is better than average. Call me to see how my marketing can put your home above the rest.
LUXURY SINGLE FAMILY HOMES
The Texas Association of Realtors released its statewide Quarterly Housing Report in November 2016, which stated there has been a "cool off" on luxury homes sales from the 5-year boom. This seems to be a trend all over the country. There has been so much new construction in the high-end residential market, the supply is exceeding the demand. 2016 saw 836 single family homes that were $1 million and up sold in Dallas county and currently there are 482 homes $1 million and up active in the MLS. Right now the oversupply is only true for high-end, new construction builds, but if the trend continues it could affect all segments of the market.
It might be wishful thinking that the home values in the DFW area rise another 9% in 2017. However with the way the stock market is climbing these days I think we may just have another year of record real estate gains.
It’s crazy to think that we're halfway through February! I'm looking forward to spring and excited to see what the housing market has in store for us in 2017 and looking forward to helping you buy or sell! If you’re thinking about doing either this year, let’s connect sooner rather than later. Talk Soon!! - Jo
My goal is to be a resource to you and provide you the information you need to make educated decisions when buying or selling a home in the communities of Dallas, North Dallas, Plano, Frisco and Uptown Dallas.
To find out the market value of your home CLICK HERE and enter your address. I will send you a comparative market analysis at no cost and no obligation to you.