In a recent article from The Dallas Morning News
, the race to be the hottest real estate market in Texas, is between Houston, Austin and Dallas-Fort Worth. If you haven’t heard, the Texas real
estate market has been heating up and is hotter than ever this summer! Texas is in the middle of a record-breaking summer selling season!
The competition is steep with Houston edging ahead of Dallas-Fort Worth to lead the state in second-quarter pre-owned home sales. But DFW topped the Houston area with a larger median price increase!
According to the Realtors association, for the just-completed quarter, DFW real estate agents sold 30,745 homes, a more than 16% year-over-year home sales gain. The median home price in North Texas was $349,381, which is 22.4% higher than a year earlier.
Texas real estate agents sold a record 114,772 homes in the second quarter — a 24.7% increase from the same time last year, according to the Texas Realtors’ association, home sales prices in all of Texas’ major metro areas were dramatically higher
than a year ago. The Austin area had the most expensive homes with a median price of $470,000 — more than 42% higher than in mid-2020.
“The extremely low level of supply available is holding back sales and pushing up prices as mortgage rates are still hovering around 3%, the economy is expanding and ongoing demographic trends continue to support housing demand,” said Dr. Luis Torres,
research economist with the Texas Real Estate Research Center at Texas A&M University. “Limited inventory for homes priced less than $300,000 is stressing home affordability.”
Statewide median home sales prices were up more than 19% in the second quarter to $300,490. Home prices in most Texas metros, including DFW, are at record levels from years past!
Across the state, buyers are having to compete more than ever for houses, and in DFW area as well as most other places in Texas, this is leading to a strong increase in home prices. Texas is in the middle of a record-breaking summer selling season
with unprecedented demand for housing!
If you are looking for a home in the Dallas Fort Worth area, please contact me to help you negotiate this hot market!