How's The Real Estate Market in Dallas, TX?
-
Loading... - Jackson Campbell
- 09 Mar 2023
- 68 Views
- 0 Like
- 0 Comment
For the past few years, the real estate market has favored the seller. The seller’s market emerged strongly after the pandemic, much stronger than it has been in decades.
As a result, there have been plenty of markets across the U.S. where homes have sold for several thousands of dollars above asking. Home sales in Dallas, TX, have also been affected by the ups and downs of this tumultuous economic activity. With so much uncertainty looming, many are wondering about the outlook of real estate this year and in subsequent years. Many experts believe that real estate will remain robust despite uncertainty. But how has this uncertainty affected Dallas, TX, and what will the future of real estate be in this city ranked as one of the best in the U.S. and in the world?
What the Dallas Real Estate Market Was
For homeowners who wanted to sell their house fast in Dallas in recent years, the outlook was great. At the height of the post-pandemic housing market, homes in Dallas sat on the market for less than 30 days. In June 2021, median home prices hovered around $329,500. However, a year later, the prices of homes rose to $426,000.
The great migrations taking place across the nation also impacted population growth in Dallas. In about a year following the pandemic, the population in Dallas swelled by nearly 100K, recently classifying it as one of the fifth fastest-growing cities in the nation. Within that same period, the inventory of homes decreased by about half. Read More…
