Today’s real estate market is very different than it was a year ago. Prices have increased rapidly over the past 6-8 months as part of a steady recovery we’re seeing take place across the nation in real estate. Specifically, the North Texas area has experienced a dramatic shift in our local market dynamics that may be news to some. If you or someone you know has a home in which they owed more on their mortgage than the property was worth, that may no longer be the case. Or perhaps you’ve just been waiting the market out for prices to increase. Well, that time has arrived.
According to North Texas Real Estate Information Systems, at the end of last month, the median sales price in the North Texas area for single-family homes was $170,000. Just in January of this year, the median sales price for single-family homes was $158,000. The increase in sales prices, however, is a trend that, in our market, actually began around February 2012, when the median sales price was $146,000, and has been on a continual rise since then. Comparing the period of Oct 2012 through Sept 2013 to the same period of time a year previous (Oct 2011 through Sept 2012), there has been a 9.7% increase in the median sales price. If you're wondering, yes, that's pretty amazing! Home values are increasing at rates not seen even before the Great Recession (Actually, I hate that name. There was nothing great about it, LOL).
Reasons for this incredible rise in home values stem from a supply and demand issue that, like much of the nation, we are also experiencing in our market. Generally speaking, the real estate market needs about 6 months of inventory in order to keep up with normal supply and demand. However, currently, according to North Texas Real Estate Information Systems, Dallas and Tarrant counties only have about 3 months supply and Collin and Denton counties even less, hovering at about 2.5 months.
I have a report that explains in detail why prices have gone up and why your home might be worth more than you think! The report is entitled, “Surprising Housing Prices,” and I believe you’ll be surprised when you download and read the report. Once you are done, contact us today for a free market analysis if you’d like to know your home’s current market value!