Saturday, November 4, 2023

November Local Housing Market Update

Prosper still has the highest price per square foot, and Anna remains the lowest. Year-over-year inventory for Melissa is down 53.1% while Gunter increased by 17%. The entire reported area returned to a Sellers’ Market with less than six months of inventory. Plano and Frisco have the fewest months of inventory homes available.

New Listings are creeping down for a cyclical winter rest. However, home selection is possible while rates continue to climb. Rates will eventually retreat, but pent-up demand will surge and reduce inventory. The surge could also possibly create multiple-offer situations and increased prices.

Buyers should act now while there is inventory and relative price stability. Sellers who are rightsizing to smaller properties are at a distinct advantage by leveraging their home equity to purchase as all-cash buyers in this market.

Denton County has slightly lower median prices per square foot. Dallas County has slightly more months of inventory and the highest number of homes available, but houses are selling faster than Denton and Collin counties. Denton County has a slight Seller’s advantage with a lower supply for demand. Collin County still demands the highest prices per square foot.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified

#DFWmark #REALTOR #MarketWatch #ResidentialMarket #MarketStatistics #Stats #YOY #CollinCounty #DentonCounty #DallasCounty

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