Real Estate Information for consumers in the Dallas/Fort Worth area of North Texas
Home Prices continue to rise in North Texas
Most cities across the D/FW area have seen price increases year over year. Below are some statistics on the median sales prices of homes over the past 5-years in various cities across North Texas. *
MEDIAN SALES PRICES:
Allen – The 2012 median sales price of a home in Allen TX was $195,000. In 2016, the median sales price was $290,000.
Frisco – The 2012 median sales price of a home in Frisco TX was $248,000. In 2016, the median sales price was $340,000.
Lake Highlands area of Dallas TX – The 2012 median sales price of a home in the Lake Highlands area was $230,000. In 2016, the median sales price was $317,000.
McKinney – The 2012 median sales price of a home in McKinney TX was $185,000. In 2016, the median sales price was $280,000.
Murphy/Parker – The 2012 median sales price of a home purchase was $265,750. In 2016, the median sales price rose to $360,000.
Plano – The 2012 median sales price of a home in Plano TX was $200,000. In 2016, the median sales price was $280,000.
Richardson – The 2012 median sales price of a home in Richardson TX was $170,000. In 2016, the median sales price was $254,000.
Sachse – The 2012 median sales price of a home in Sachse TX was $165,000. In 2016, the median sales price was $257,000.
Wylie – In 2012 the median sales price of a home in Wylie TX was $154,945. However, in 2016, the median sales price was $248,375.
Still a Seller’s Market in North Texas
Home prices are at record-highs, and the lack of homes available for sale continues to push sales prices higher. North Texas has been experiencing a “Seller’s Market” since 2012. A seller’s market happens when we have less than 6-months of available inventory of homes to sell. This means there are more home buyers shopping than homes available for purchase. The current month’s supply has been hovering around 2-months since May 2016, while in the early part of 2016 it was closer to 1.7 months of inventory. ^
Homes are still selling fast
The average days on the market before a home sells has also decreased steadily since our peak of 100 days in January 2011. Current days on market is an average of 40 days as of November 2016. ^ Some segments of the market are even tighter, due to demand in the lower price points. For example, in Dallas and Collin Counties, homes that sold for $200,000 or less were on the market for 16 days, while homes that sold at $750,000 or more took 57 days to sell. *
Interest rates are expected to rise in 2017
The 30-year-fixed mortgage rate was 3.64% on 10/26/16, but increased to 4.32% on 12/28/16 after the Federal Reserve December 2016 meeting. This was only the 2nd time in a decade that the Fed has raised rates (the last time was in December 2015). The rate increase indicates that the U.S. economy may be on a rebound and consumers and businesses can afford to pay more to borrow money. The Fed hinted that it could raise rates 3 or more times in 2017. **
NOW is the right time to buy a home in North Texas
With the possibility of interest rates continuing to rise, and the median sales prices continuing to climb, you can’t afford to wait to purchase a home. Consider buying now before rates increase and home sales prices rise any further.
Buying or selling a home is the most important financial commitment you will ever make
An educated consumer will make the best decision about their financial situation, and there is a lot of information available about the housing market. Make sure to hire a professional who can provide you with statistics, advice, and expertise to help you navigate the complexities of your real estate investment. If you would like more information or a free consultation, call the North Texas Top Team Realtors at 469-759-3899. Our team of experts are here to help.
*Source: NTREIS, North Texas Real Estate Information System. Reports run for zip code 75098.
^Source: Collin County Association of Realtors PULSE Report
Written 1/16/2017; Melissa Hailey, Broker-Owner of North Texas Top Team Realtors LLC. Mrs. Hailey is a Graduate of the Realtor Institute, a Member of the Council of Residential Specialists, an Instructor for the Texas Real Estate Commission, a Texas Affordable Housing Specialist, and a Graduate of the Texas Realtor Leadership Program. She is a Texas Monthly Five Star Professional Award Winner (2016, 2015, 2014, 2012), and International Sterling Society Award Winner (2011, 2012). She has been interviewed on NBC-Channel 5 and provides expert advice to her valued clients as well as the media.