The DFW real estate market remains strong through February 2017, according to Steve Brown, the Real Estate editor for the Dallas Morning News. “North Texas home sales grew 5 percent in February, with the most houses sold ever in the second month of the year – 6,900+ pre-owned single family homes were sold through the multiple listing service in that month alone. Additionally, last year, North Texas real estate agents sold more than 100,000 homes for the first time.”
Steve adds, “during the first two months of 2017, home sales are up about 3 percent and median sale prices are 13 percent higher than the same period last year.”
This growth continues in spite of slightly higher mortgage rates. Weather is cooperating, therefore driving an early start to the spring market. The Metroplex boasts 400-500 new residents per day. New jobs and growth add real demand to the housing market.
Even though home finance costs have moved higher in the last few months, the increases have not cooled home buyer demand in DFW.
The two income entry level home market has experienced one of the largest sales increases – homes priced between $250,000 – $500,000.
High-end properties – homes valued at over $1M, are also booming! Since the start of 2017, 177 homes in that price range sold and closed, a 64% increase over the same period in 2016.
Inventory also remains low. Given current activity levels, there is less than a three-month supply of available homes for sale.
Given the number of people who continue to move to the Metroplex every day, I do not see this trend slowing anytime soon, across the Metroplex and in Northwood Hills.