Are you thinking about buying a house in Dallas? We see the attraction. Dallas is an amazing place and it could be a perfect location to raise a family, get a good job, and even retire. There are over a dozen unique areas inside Dallas, each with its own character and set of activities. Dallas has something for everyone, from the world-class museums and theaters of the Arts District to the hip clubs and live music of Deep Ellum. But is now the best time to buy a house there? No one can tell you a simple yes or no answer. It depends. That’s why you will see here all the factors and we will guide you through the process and then you can decide for yourself.
Now let’s see some facts
Real estate prices in this area have increased by 13.8% over the past 12 months. Zillow predicts it will fall by 0.2% between December 2022 and December 2023. It demonstrates that even in a housing market slump, housing values in Dallas are unlikely to fall much.
House prices in Texas continue to fall, with a 1 percent decrease in the seasonally corrected median price from one month to the next. Variable monthly shifts were seen in the four main U.S. cities. Though it has fallen over the past few months, the median price in the state is still 6.1% above where it was a year ago. According to many researchers, Dallas saw the highest growth rate at 9.8 percent, while Austin saw the lowest at 0.1 percent.
There has been a significant rise in supply in the Dallas-Fort Worth area in recent months. The amount of available properties in the DFW area has risen dramatically, according to recent data. This could make it less difficult for homebuyers in the DFW area to find a property in the year 2023. During December 2022, there was almost 2.2 months’ worth of houses in the Dallas-Fort Worth market, which was an increase of 183.45% year over year.
More from this research
Single-family home months of supply increased by 199.25% to 2.3 months. Dallas’ housing market saw a dramatic rise in the number of homes for sale at any given time. According to that same research, the number of pending sales in the Dallas-Fort Worth-Arlington metro area climbed by 163.27%, while the number of new pending sales decreased by 10.64%. These numbers should provide some relief to homebuyers in the DFW area who are planning to close on property later this year.
Let’s be honest about the fact that the market currently is everything from “normal” or “balanced.” Since there is now a shortage of homes for sale in Dallas, the market is still in favor of sellers. Investors are not very happy about this. The new improvements, though, should make things easier for customers in the future. The rate at which home prices are increasing is expected to slow during the next few months. This can be seen in many major metropolitan areas.
Should this discourage you?
Absolutely not. If you are buying a house for yourself and your family this is not the reason to keep looking. If you are buying a house just to flip it – then maybe you should keep looking or wait a couple of months to see if the prices will drop by the end of the year. There are many ways to get a better price on a house. Our favorite way is to find a fixes-upper and work on it as long as it takes until you make that house a home.
You will be able to save some money and there are many houses in not-so-great shape available in Dallas. All you need to do is partner up with a home inspector and find one that will work best for you. Once everything is done and finished you can rely on your neighbors to help you. They can help with moving in, unpacking, and settling in quickly. How great is that?
Who else can be of help now?
The obvious answer is – realtor. Yes, Zillow is an amazing website and you can find a lot online but since getting a house in Dallas for a reasonable price is getting harder and harder each day you will need to find some extra help. An agent will be there for you and even negotiate the best possible price. They also have some houses that are not even listed online. Those can be pretty attractive. Just make sure to find a reliable and most importantly local realtor. The reason why we advise local realtors is very simple. They have better knowledge of the neighborhoods and locals.
Let’s sum things up
What are your predictions for the 2023 Dallas housing market? If you’re looking for an economical real estate market in Texas, Dallas is a good option. In terms of property rentals, it is likewise among the most active marketplaces in the country. Look at the Zillow. com and check out Home Value Index to see how prices have changed over time. Zillow Home Value Index is an indicator of the total housing stock, not only the properties that are on the market or have recently sold. Currently, the median house value in the DFW area is $386,853. It shows that half of the area’s housing stock is worth more than $386,853 and half is worth less than that amount.
Since December 2021, property prices in DFW have increased by 13.8%. Find out what the future holds for the Dallas-Fort Worth Metropolitan Statistical Area’s real estate market with those reports from Zillow. After all, this is a very useful and yet free tool. Dallas is no different from the nationwide trend of low housing supply in big cities. You have to take that into account when making a decision whether to buy a house in Dallas.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.
