Let’s talk about residential real estate here in Tarrant County! There is so much growth going on in the Dallas / Fort Worth area and the real estate market has been booming for the last few years. I want to answer those questions, what’s going on now and what should we expect moving forward?
We are currently in a Sellers market. We have 1.9 months worth of inventory (a balanced market is 6). This means homes are selling quickly and sellers are getting most everything they want when it comes to selling.
What is interesting about this month, we’ve seen a trend over the last couple months of more inventory on the market. This is the peak month and we have about 370 more homes on the market this time over last year. That’s an 8% increase. While this is a noteworthy number, home purchases are also up and inventory has only increase a tenth of a percent over last year. This tells us while there are more homes on the market, there are also more buyers. A big part of this is the over 100,000 jobs created in north Texas last year and in 2017 there were 146,000 people that moved to the Dallas / Fort Worth area.
New homes are going up at a feverish pace. Which begs the question at which point will new construction outpace the market? More importantly to a new home buyer, now more than ever it’s important to have a Realtor that knows what to look for on new construction. There are so many new builders entering the market and others hiring anyone willing to swing a hammer.
I cannot predict what the future will hold. At this point we still have a very healthy market, people are still moving to Texas and I don’t see that changing here in the next year. As the number of people moving to north Texas slows, new construction increases and interest rates go up I believe we will see a slow down in appreciation which is very healthy. This may be the first year we don’t see 9-10% appreciation. I would think it would be closer to 7-8%.
As always, if looking to buy or sell, remember to keep calm, call Tom 682-233-4416
