North Dallas Real Estate: A Buyer’s Market on the Rise
The Dallas-Fort Worth (DFW) housing market is finally starting to even out after years of favoring sellers. This shift, which is happening across North Texas, mirrors a national trend where buyers are gaining more ground, even though mortgage rates are still on the high side.
Why Moving to North Dallas is a Smart Move for Canadians
Over the past year, home prices have dipped across most North Texas counties, and there’s been a noticeable increase in inventory. In June, for example, the median home price in Dallas County was $367,500, which is down by 3.9% from the same time last year. Other counties like Collin and Denton also saw price drops, while inventory—meaning the number of homes available for purchase—shot up significantly.
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This increase in inventory is a big win for buyers. Generally, when there’s less than three months of inventory, it’s a seller’s market. But when it hits six months, things are more balanced between buyers and sellers. In some North Texas areas, like Rockwall and Kaufman counties, the inventory is even creeping into what could be considered a buyer’s market, with over five months’ worth of homes available.
More Homes, Less Competition: The Perfect Time to Buy
So, what does this all mean for folks considering a move to North Dallas, especially if you’re coming from Canada or another state? Well, you’re in luck! With more homes on the market and prices starting to come down, you’ll have a better shot at finding your dream home without the intense competition of the past couple of years. Plus, with Dallas-Fort Worth being a hub for job opportunities, top-notch schools, and a family-friendly environment, making the move now could be a smart investment in your future.
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Even though the market is shifting, sellers who price their homes right and offer a few perks are still attracting multiple offers. Some buyers are even scoring deals by offering $50,000 to $100,000 below the asking price, which is causing prices to drop from month to month.
New vs. Existing Homes: What’s the Better Deal in North Dallas?
Homes are also taking longer to sell than they did a year ago. In Dallas County, for instance, homes are sitting on the market for an average of 37 days, which is 23% longer than last year. The trend is similar in surrounding counties, with homes in Rockwall taking an average of 57 days to sell.
Market Shifts: What to Expect in North Dallas Real Estate in 2024
Looking ahead, we might see an even more “normal” market emerge by early next year, as prices continue to adjust. While interest rates might come down a bit, the key factor will likely be home prices, which need to drop further to make buying more affordable.
Why Out-of-State Buyers Are Eyeing North Dallas Now
For those looking to buy new homes, there’s a mixed bag of news. While the inventory of existing homes is growing, which can be tough for homebuilders, the allure of brand-new homes is still strong, especially with builders offering incentivized interest rates. However, the number of new homes sold in North Texas in June was slightly down from May, and prices have dipped a bit, making it a good time to explore your options.
From Listings to Closing: How to Navigate North Dallas’ Changing Market
All in all, whether you’re moving from another state or across the border from Canada, North Dallas is becoming an increasingly attractive option with more homes to choose from and prices that are starting to come back down to earth.
