DFW Housing Market Update: Key Insights & Trends to Navigate the Seller's Market in 2024
In today's dynamic DFW housing market, understanding the latest trends and key metrics can make all the difference when it comes to making informed decisions. The Dallas-Fort Worth area is currently navigating a competitive seller's market with high demand and evolving inventory levels. In September 2024, while the median home price saw a slight dip, new listings surged, and the average time on the market extended slightly, signaling both challenges and opportunities for buyers and sellers alike.
Overall Market Trends:
The DFW housing market is currently experiencing a seller's market, characterized by high demand and low inventory.
The median home price for the DFW MSA in September 2024 was $390,000, reflecting a slight year-over-year decrease of 1.27%. However, the year-to-date median price remained stable at $399,000.
Months of inventory, a crucial indicator of market balance, stood at 4.1 months in September 2024, marking a significant year-over-year increase of 43.5%. This suggests an improving inventory situation but still within a seller's market range.
Key Data Points:
Sales: DFW saw 7,244 home sales in September 2024, a modest 1.33% increase year-over-year. Year-to-date sales, however, were down slightly by 1.01%, totaling 69,608 transactions.
Listings: New listings in September 2024 surged by 8.68% year-over-year, reaching 10,935. This trend of increasing new listings continued throughout the year, with a substantial 16.46% jump in year-to-date new listings.
Days on Market: Homes in DFW spent an average of 86 days on the market in September 2024, representing a 13.16% increase compared to the same period last year.
Price per Square Foot: The average price per square foot in September 2024 was $209.47, slightly lower (0.43%) than the previous year.
Market Forecast:
Realtor.com predicts a positive outlook for the US housing market in 2024, driven by improving affordability and declining interest rates.
Existing home sales are projected to rise by 4.2% nationally, reaching 4.26 million transactions.
Existing home prices are forecasted to increase by 3.9% to a national median price of $405,300.
Mortgage rates are expected to average 6.9% for 2024, potentially falling to 6.4% by year-end.
DFW Specific Insights:
Examining data from individual cities within the DFW area, we observe:
Dallas: The median estimated home value in Dallas as of September 30, 2024, was $338,000.
Fort Worth: Fort Worth had a median estimated home value of $316,000 on September 30, 2024.
Carrollton: Carrollton's median estimated home value was $424,000 on September 30, 2024.
Note: Market forecasts are based on current trends and available data. Actual results may vary due to unforeseen economic and market factors.
If you're considering buying or selling a home in the DFW area, it's essential to work with an experienced real estate professional. Contact me today for expert guidance and personalized service tailored to your specific needs.
Gustavo Ramos | DFW Realtor
RJ Williams & Company RE
(817) 876-3390
gustavoramos@rjwilliamscore.com
gustavoramos.rjwilliamsco.com
