The Texas housing market has been booming since the pandemic. According to the Texas Realtors review, the housing demand is at an all-time high. More and more houses are selling for more than the asking price.
We had the opportunity to talk to one of Dallas’ Best Realtors, Chris D. Bentley, to learn more about the state of the housing prices in Dallas.
A Bit of Bio-on Chris.D.Bentley
Chris D. Bentley is an award-winning Dallas real estate broker. He is the owner of Bentley Fine properties, which is a residential and commercial real estate brokerage based in Northern Dallas.
Bentley’s company helps people relocate to Dallas. This entrepreneur is recognized as Dallas’ most aggressive real estate magnates in the making. He is a 4x published author and was voted D Magazine’s Best Realtor in 2017, 2018, 2019, and 2021. Bentley has also won a series of awards. He is one of the leading realtors to leverage social media to engage his clients.
House Prices in Dallas
So far, Dallas is the most affordable real estate market in the country. However, the Dallas market was expected to outperform its nation’s counterpart before the pandemic based on home value appreciation.
Presently, the median price for a residential home is $300,000, increasing last year by 15.7%. The median price per square foot also increased by 16.9% from 2020. Reports show that homes spent an average of 34 days on the market, which is a decline by 21 days compared to 2020.
Dallas leads the nation in population growth thanks to changes in the job market, such as the shift to work from home. As such, there’s demand that meets the supply for the first time. Many homes are getting multiple offers, with some having waived contingencies. On-demand homes sell for about 10% above the list price, whereas the average home sells for about 4% of the list price.
Housing prices may go down in some areas
Like most areas across the nation, housing inventory remains low in Dallas. The supply and demand dynamics will likely push the prices up in the short term. What’s more, the housing market will continue to be characterized by high demand and low inventory.
This means to home buyers that there’s not much on the market. Therefore, if you find a home you like, you are most likely getting into a multiple offer situation, and you may have to quote a price above the asking price.
So many factors contributed to the high prices in the market. For instance, the region’s economic growth led Dallas to become one of the leading regions in the nation with a high appreciation market.
So, will the prices go down? The prices will likely go slow over the coming years. One of the reasons for this is that the mortgage costs are too high for most locals. Certain zip codes may experience a crash in market prices, for instance, high-poverty areas in the South of downtown Dallas. Conversely, areas with high-median income and low poverty rates will become less affordable. You can learn more about the Dallas market by checking out Chris D. Bentley’s Youtube channel.