DFW Real Estate | Market Update Q3-2023
DFW Metroplex Real Estate Market: Adapting to the Ebb and Flow of 2023
The Dallas-Fort Worth (DFW) Metroplex real estate market is a dynamic beast, constantly evolving. As we enter 2023, we have seen some shifts in market statistics compared to 2022. In today's ever-changing market, understanding the numbers is crucial, whether you're a buyer, seller, or investor. We're here to break down the key market statistics, analyze the impact of rising interest rates, and provide recommendations for making the most of the current situation.
Key Market Statistics
# Active Listings
# Homes Sold
Avg Days on Market
Active Listings: In 2023, active listings have increased by 6.7%, indicating a more dynamic marketplace with more options for buyers.
Closed Sales: Closed sales decreased by 9.3%, possibly due to a more competitive and evolving landscape.
Average Days on Market: Homes are now spending an average of 41 days on the market in 2023, an increase of 15 days or 57.6%. This suggests a shift towards a more balanced market, giving buyers more time to make decisions.
Median Sales Price
Months of Supply
Sales Price to Original List Price
Median Price per Square Foot
Median Sales Price: The median sales price decreased by 1.2% to $400,000, making homeownership more accessible to potential buyers.
Closed Price vs. Original List Price: The metric decreased by 1.8%, implying that sellers are becoming more open to negotiation.
Months Supply of Homes: The months supply of homes increased slightly from 2.3 to 2.9, providing buyers with more inventory options.
Median Price per Square Foot: The price per square foot has decreased by 1.6%, another promising sign for buyers.
Analysis for Buyers, Sellers, and Investors:
For Buyers: The 2023 real estate landscape in the DFW Metroplex is indeed favorable for those seeking their dream home. With an increase in active listings, more time on the market, and decreased prices, you have a unique opportunity to explore your options without the pressure of a super-competitive market. However, it's essential to act decisively when you find the right property, especially considering the impact of rising interest rates. Waiting might mean facing higher prices in the future, so now is the time to make your move.
For Sellers: As we wrap up 2023 and move into 2024, it's crucial to be realistic with your pricing strategy, given the decreasing median sales price and the longer time properties spend on the market. However, there's no need for discouragement. The DFW real estate market remains competitive, and with the right approach and expert guidance, you can still secure a profitable deal. Work closely with a knowledgeable real estate agent to help you navigate these shifting conditions and maximize your home's appeal, ultimately ensuring a successful sale.
For Investors: In 2023, the DFW Metroplex real estate market presents a promising landscape for investors. With increased inventory and a slight dip in prices, you have an excellent opportunity to discover lucrative deals. However, it's essential to stay vigilant and keep a close eye on the market, especially as interest rates continue to rise. This combination of factors creates a unique environment where strategic investment decisions can yield excellent returns. Don't miss out on the potential this evolving market has to offer; be proactive in identifying attractive investment opportunities.
Tips and Recommendations
Stay Informed: Continuously monitor market trends, and consider buying or selling now due to the anticipated future rise in interest rates and property values.
Professional Guidance: Collaborate with a real estate agent with local expertise and stay flexible in your approach.
Negotiation Skills: Buyers, don't hesitate to negotiate, and sellers, consider being open to reasonable offers.
The DFW Metroplex real estate market in 2023 is characterized by changes that offer both opportunities and challenges. Rising interest rates are a key factor, making it an opportune time to enter the market as property values are expected to increase. The DFW housing market remains stable and healthy, offering room for growth, and a steady stream of opportunities for those willing to adapt and stay informed. To learn more about the stability and health of the Dallas real estate market, check out these articles on Bankrate.com and Forbes.com. Stay informed and seize the opportunities that await in the vibrant DFW Metroplex!
Dallas-Fort Worth-Arlington MSA
The 19-county Metropolitan Statistical Area(MSA) covers about 15,600 square miles in northern Texas, stretching from Oklahoma south to the Brazos River and from the Cedar Creek Reservoir on the east to Possum Kingdom Lake on the west.
The Metroplex region includes two metropolitan statistical areas (MSAs): the Sherman-Denison MSA, composed of Grayson County, and the Dallas-Fort Worth-Arlington MSA. The Dallas-Fort Worth-Arlington MSA, in turn, comprises two Metropolitan Divisions (MDs): the Fort Worth-Arlington MD, which includes Hood, Johnson, Parker, Somervell, Tarrant and Wise counties, and the Dallas-Plano-Irving MD, which includes Collin, Dallas, Denton, Ellis, Hunt, Kaufman and Rockwall counties. Counties in the region not associated with an MSA include Cooke, Erath, Fannin, Navarro and Palo Pinto counties. The Metroplex region revolves around the cities of Dallas (Dallas County) and Fort Worth (Tarrant County). Dallas is the third-largest city in Texas; Dallas and Fort Worth are among the nation’s fastest-growing cities.
Source: © 2023 Texas Association of REALTORS® — MarketViewer | Data used in this report come from the Texas REALTOR® Data Relevance Project, a partnership among the Texas Association of REALTORS® and local REALTOR® associations throughout the state. Analysis is provided through a research agreement with the Real Estate Center at Texas A&M University.