Demand for existing single-family homes in North Texas rose to a new record number in 2017 with more than 106,000 transactions, up 5% year over year.
This helped uplift housing transactions by more than 60 since 2010. Given the pace of home sales in the previous, it may seem that this year will be a seller’s market for region’s residential real estate sector.
Housing Sales Growth
Based on data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc., the median price in December 2017 rose 8% year over year to $250,000.
This significantly contributed to the increase in sales for the entire year, when the median price also rose 9% compared to 2016.
If you plan to sell your house with a swimming pool, you can achieve a higher value on your property by renovating your pool. Service in Rockwall, TX, can be one of your options in the Dallas-Fort Worth metroplex, where prices have increased rapidly since 2015.
Dallas-Fort Worth-Arlington Market
Home sellers in the Dallas-Fort Worth-Arlington market have more flexibility in pricing their properties, as the median sale price surged 33% within the last three years. While this bodes well for investors and homeowners, the sky-high prices have dealt a blow to buyers.
Several people still struggle to acquire a house, despite their willingness to a pay premium over the seller’s asking price. This has led some of them to consider whether or not buying a home in the region is a worthwhile investment.
However, the National Association of Realtors believes that the Dallas-Fort Worth area remains a lucrative choice, as analysts expect prices to rise 6% in 2018.
Homeowners in North Texas should take advantage of a hot residential property market by doing upgrades to fetch higher value. On the other hand, buyers will need to be more patient as the market currently favors property sellers.