Happy New Year!
The entire reported area remains in a Sellers’ Market with less than six months of inventory. Most of the reporting areas have less than three months of inventory with Plano, Frisco, Melissa and Denton dipping below two months.
Prosper has the highest overall Median Listing Price, Price Per Square Foot and Median Sold Price. Frisco has the second highest Price Per Square Foot and Median Sold Price while Gunter is second for Median Listing Price. Denton has the lowest Listing Price of the selected cities while it had a 19.2% year-over-year inventory drop. Year-over-year inventory for Aubrey is down 40.6% while Van Alstyne had the only increase of 27.3%.
Dallas County houses sold faster and still have a significantly lower Median Listing Price than Collin or Denton counties. Surprisingly, Dallas County has more months of inventory available than the other reported counties. Denton and Collin counties’ statistical trends are similar with Collin County generating slightly higher Median Prices Per Square Foot Sold.
The Fed said they may lower rates as many as three times during 2024 depending on inflation. This means lower mortgage rates are possible. Each 1% of mortgage rate change equals about 10% of buying power (both increased or decreased). When rates drop, more Buyers are expected to surge into the market.
A historic housing shortage should heat up competition for existing houses as rates drop, which will exacerbate shortages and probably increase prices.
If you’re ready to move, please call, text or email me. I have the systems and skills to sell your house for the most money in the shortest time with the fewest inconveniences. As a professional photographer and FAA-licensed drone pilot, I can have a show-ready property on the market within 24 hours while we find your ideal home.
I've Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
#DFWmark #REALTOR #MarketWatch #ResidentialMarket #MarketStatistics #Stats #YOY #CollinCounty #DentonCounty #DallasCounty
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