Buying a home for the first time is an exciting process. Being familiar with the current market trends and comparing them to trends over the past three years can help you decide when the best time to buy is. Reviewing this data can also give you a better idea of where the listing prices and interest rates might head in the future.
So, to help you get started, your local Dallas mortgage lender, The Betz Team with Guardian Mortgage, has listed the most current market update to assist you in the home buying process.
Dallas Market Update
Median Listing Price
According to realtor.com, the median listing price has been steadily increasing over the past three years. In June 2015, the median listing price was $339,000 and rose 16% the following year to $393,250. By June 2017, the median listing price was $414,411 and rose an additional 0.4%; with the current median listing price for June 2018 being $416,000. A medium increase in the price of only 0.4% suggests that now would be an excellent time to purchase a home and obtain a Dallas mortgage. Before the rates increase again and become more expensive, we suggest locking in a rate now.
Median Price Per Square Foot
The median price per square foot has mimicked similar trends to the listing price. In June 2015, the price per square foot was $168 and increased 12.5% twelve months later to $189. By June 2017, the median square footage price was $200, which is a 5.8% increase from the previous year. The current median price per square foot is $207, which suggests that the real estate in Dallas is becoming more valuable over time.
Median Days On Market
Homes have been selling at an increased rate over the past few years. In June 2015, the median amount of time a home was on the market for was 40 days. One year later the median days on the market was 51 days and decreased to 49 days by June 2017. The current median days on the market for Dallas, Texas is 45 days. Therefore, if you are looking to purchase a new home, make sure you are financially organized and prepared to make an offer before your potential dream home comes off the market.
For more information on home loans in Dallas or the current residential market, please contact The Betz Team at 214-361-5626.