Half the year has flown by, and the North Texas Real Estate market is just as hot as the weather outside. The stats above tell us a few things that all potential home buyers and sellers should pay attention to. Here’s a recap:
In the past 7 months, there have been 49,440 single family homes sold in North Texas. This is up 9 percent from a year ago, which is great news for buyers and sellers out there. People are still selling, and people are still buying. If you’re one of those potential buyers looking for your dream home, there are currently 17,647 active listings for you to choose from…and clearly more to come.
What else have we learned? Home values in North Texas are rising. With an increase of 5 percent from a year ago, the average price of a single family home is $273,419. We can all agree that real estate is a good investment, no? Average price per square foot is also up 6 percent from last year. Buyers out there see the potential in your home, and are willing to pay more for a piece of the American Dream.
If you’re looking to purchase a home soon, pay attention to those hot price points. The $200,000 – $400,000 range moves fast – so make sure you have a REALTOR® who can let you know as soon as those new listings hit the market.
As we all have heard, the rental game is playing us hard. Prices for rentals are quickly rising, up 6 percent from a year ago. But the statistics above show us that the increase of price is turning renters away. Rental sales are down 4 percent from last year, as more people are realizing that a monthly house payment is often lower than monthly rent.
Last but not least, we know that this summer has brought us sunny days, snow cones and lots of real estate transactions. More transactions take place in the summer than any other time of the year. We get it – you want to move when the kids are out of school. With a couple of months of summer left, now is your chance to find your trusted REALTOR® and get to work.
If packing boxes in this Texas heat sounds a little miserable to you, fear not. These 2016 year-to-date statistics show that no matter the time of year, North Texas is ready to buy and sell.
*Statistics pulled from Texas A&M Real Estate Center’s NTREIS MLS Area Housing Activity Report. Written by Nathan Grace