If you’re thinking of becoming a real estate agent in the Dallas-Fort Worth area, now is a good time. Check out these DFW real estate trends for 2022.
Dallas-Fort Worth Real Estate Trends
Home Prices Slightly Dropped Across the Region
On average, home prices are dropping in the Dallas-Fort Worth region. The median sale price of a house in the Dallas-Fort Worth area was $421,000 in July, which is a 15% increase from July 2021. However, it is a 3% decrease from June, according to the latest data from the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems. It is the biggest decrease month-to-month in home prices since at least 2020.
A report from Zillow also found that home prices decreased. A Dallas-Fort Worth area’s average home value is $396,904, down 1.1% from June, which was the first month of decline. However, values are up 55.4% since July 2019. Zillow predicts that the average home value for the area will increase by 4.2% by July 2023. That means that the current price decreases are most likely temporary.
Increased Inventory in the DFW Region
A considerable increase in the number of real estate listings in the Dallas-Fort Worth region occurred in the summer of 2022. In June, inventory for single-residential homes increased from 1.1 to 1.8 months, according to the Texas Real Estate Research Center. This is good news for prospective home buyers as might make it easier for them to find and buy a home in the region.
Dallas-Fort Worth saw a 15.9% increase in new housing units between 2010 and 2020, meaning that the region is continuing to grow in popularity. North Texas was the eighth fastest growing construction market in a major metro residential area between 2010 and 2020. Dallas-Fort Worth is in the second spot for the top metropolitan areas issuing housing permits. The construction market in the area is hot, meaning you might want to point your buyers toward building instead of buying.
Population Growth Expected in Dallas-Fort Worth
Dallas is currently the third largest city in Texas, and DFW is the fourth largest metro area in the country, up from sixth place in 2010. It was one of three metro areas to increase in residents by at least 1.2 million since 2010. In particular, the population of the city of Dallas grew by about 9%, according to the latest Census.
The population of Dallas-Fort Worth is expected to continue to grow by almost 18% by 2029. The area may see the biggest population increase in the country this decade, according to data from Cushman and Wakefield. An increase in population growth means more people will be looking to buy homes in the area, which is great news for the real estate industry.
Homes Are Still Selling Quickly
The Dallas-Fort Worth area is one of the hottest Texas markets. Homes sell quickly in the area, which means more people are looking to buy than there are homes available. Homes sell in 17 days, according to Redfin. And many homes get multiple offers. which makes it a great time to get into real estate.
Bottom Line: Dallas-Fort Worth Real Estate Is Hot
The overall outlook for the Dallas-Fort Worth, Texas, real estate market is positive. Are you ready to get your hands into the action? Find out how to obtain your Texas real estate license today!