The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today. DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.
And what a difference a month makes. Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year. In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021. Homes in DFW spend an average of 23 days on the market before selling.
Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates: "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."
While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said. Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing. "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."
A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons. According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.
Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.
According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June. Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.
The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit. Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing. This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"
Luong said he sees positive signs in the market. The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country. "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."
If you feel like you've done it all, our real estate agents have a new date night suggestion for you: Cooking classes!
Cooking classes are both fun and functional. You'll learn to create wholesome, satisfying meals that can save you plenty of money. At the same time, you'll share a unique experience that might just give you a new favorite thing to do together. Maybe your next date includes cooking the dinner of your dreams!
No matter whether you're looking at Dallas homes for sale or down the road at Fort Worth homes for sale, there are plenty of cooking classes to browse. Virtual or in-person options are both available, so you can choose to have date night in the comfort of your own kitchen if you prefer.
Here's a taste of some of the leading local brands for local cooking classes:
Contact us to learn more about real estate in Dallas-Fort Worth.
DFW might be a thriving urban metropolis, but the area retains a number of places where nature takes center stage. Our real estate agents refresh body, mind, and spirit with visits to these beautiful nature centers throughout the area.
After weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.
As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.
Avid golfers have multiple places throughout the DFW area perfect for working on your golf game. Our real estate agents can't wait to get in the swing of spring at these great driving ranges around DFW.
Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.
In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.
HVAC Thermostat
Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.
Our real estate agents can help you upgrade your home and appliances to create a more convenient, efficient, and secure smart system. Contact us today.
Whether you're trying to find the ideal gift for someone who already has everything or a small, thoughtful stocking stuffer for someone with a sweet tooth, the gift of a sweet treat never goes out of style. Lucky for you, the DFW area is filled with candy shops that offer something to satisfy every taste! From traditional candy made from decades-old family recipes to zany, new candy creations, you can find it all close to home in DFW. Our real estate agents have all the delicious details on 6 great candy shops where you can find your stocking stuffers this year.
East-West Line thru Plano, Richardson, North Dallas, Addison, Carrollton, Coppell, Cypress Waters, DFW Airport
Completion Date – December 22, 2022
Trains every 20 minutes
The final approved DART Cotton Belt Line from Plano to DFW Airport
The Dallas Area Rapid Transit board on Tuesday approved $872 million to build its first east-west commuter rail line — the Cotton Belt — even though it doesn't have the actual cash quite yet. DART leaders met with the Build America Bureau in Washington, D.C., last week to confirm that the federal loan that will finance a 26-mile route connecting Plano, Richardson, Addison, North Dallas and DFW International Airport is expected to close Dec. 20. Within the next few weeks, DART expects to be issued a notice to move forward on the project with its design-build partner, Archer Western Herzog 4.0, which was unanimously awarded an $815 million contract Tuesday night, contingent on the federal loan. The contract will run through Dec. 28, 2022, the anticipated completion date.
It also kept the door open for the board to decide next month whether to spend an additional $90 million to $120 million to add a second track along the line, something the board listed as a preference. "We've discussed the double-track subject for a couple of years," board member Paul Wageman said. "We're going to have significant savings over what we thought the finance costs were on this." Cotton Belt was budgeted as a $1.1 billion project.
About half of the project, including the nine rail stations, is double-tracked as currently bid. Though plans are for Cotton Belt to debut as an every-30-minute service, the contract also calls for three more miles to be double-tracked. That would enable enough two-way passing opportunities to allow runs every 20 minutes. If it doesn't fully double-track the line, the board also has the option to spend $27 million to add a second track to a three-mile area of Far North Dallas, where grade levels and four bridge crossings pose a challenge.
The contract already includes $32 million in "betterments" for neighborhoods lining the route, providing for sound walls, rubber chips to minimize track vibration and other amenities. The first six to eight months, according to staff presentations, will focus on design of the project. The first signs of progress on the ground will be utility relocation and foundation work for bridges.
The Cotton Belt will also connect to DART's existing light rail system at stops in Carrollton, Plano and Richardson. But it will be a commuter rail line, similar to the Trinity River Express, which DART co-owns with Fort Worth's Trinity Metro and connects downtown Dallas and Fort Worth.
Districts |
Total |
Aledo |
$1,302,064 |
Allen |
$3,590,352 |
Argyle |
$272,830 |
Carroll |
$34,575,215 |
Carrollton-Farmers Branch |
$22,516,436 |
Celina |
$114,767 |
Coppell |
$45,012,181 |
Crowley |
$32,287 |
Dallas |
$16,345,107 |
Eagle Mountain-Saginaw |
$529,419 |
Glen Rose |
$4,791,034 |
Granbury |
$8,465,995 |
Grapevine-Colleyville |
$54,225,111 |
Highland Park |
$109,572,068 |
Kennedale |
$23,317 |
Lake Dallas |
$139,458 |
Lewisville |
$17,918,467 |
Little Elm |
$831,896 |
Lovejoy |
$938,605 |
McKinney |
$5,031,641 |
Pilot Point |
$116,855 |
Plano |
$209,401,299 |
Prosper |
$1,836,640 |
Waxahachie |
$302,350 |
Weatherford |
$1,061,309 |
SOURCE: Estimates from Texas Education Agency