DFW Real Estate Market Outlook: A Comprehensive Guide to Sales and Rentals
The Dallas-Fort Worth-Arlington (DFW) real estate market offers a complex blend of opportunities and challenges for buyers, sellers, and renters alike. With strong demand in the sales market and varied rental pricing across neighborhoods, understanding the latest data and trends is crucial for making informed decisions. In this comprehensive guide, we'll dive into the latest sales and rental insights for DFW, examine market forecasts, and highlight specific city data points to help you navigate this ever-evolving market.
DFW Sales Market
Market Trends:
The DFW housing market favors sellers due to strong demand and limited inventory.
As of September 2024, the median home price for the DFW MSA was $390,000, a 1.27% year-over-year decrease. However, the year-to-date median price held steady at $399,000.
Months of inventory, an indicator of market equilibrium, reached 4.1 months in September 2024, a considerable 43.5% year-over-year increase. This points to an improved inventory scenario but still within a seller's market range.
Key Data Points (September 2024):
Sales: 7,244 homes sold in September 2024, a 1.33% year-over-year increase. Year-to-date sales totaled 69,608 transactions, down 1.01% year-over-year.
New Listings: Increased by 8.68% year-over-year, reaching 10,935 in September 2024. This upward trend continued throughout the year, with year-to-date new listings jumping 16.46%.
Days on Market: Homes spent an average of 86 days on the market, up 13.16% year-over-year.
Average Price per Square Foot: $209.47, a 0.43% decline compared to the previous year.
Specific City Insights (September 30, 2024):
Dallas: Median estimated home value of $338,000.
Fort Worth: Median estimated home value of $316,000.
Carrollton: Median estimated home value of $424,000.
DFW Rental Market
Fort Worth Rental Market:
Average Rent: In November 2024, the average rent in Fort Worth was $1,265 per month, 19% lower than the national average of $1,558 per month.
Rental Price Distribution: 50% of rental prices in Fort Worth ranged between $1,001 and $1,500 per month.
Zillow Rental Manager Data (November 8, 2024):
Fort Worth:
All Apartments and Condos: $1,497 (down $6 year-over-year)
Houses: $2,195 (no change year-over-year)
All Rentals: $2,070 (up $20 year-over-year and $20 month-over-month)
Nearby Areas:
Haltom City: $1,335 for apartments and condos; $1,995 for houses
Blue Mound: $1,012 for apartments and condos; $1,830 for houses
Saginaw: $1,204 for apartments and condos; $2,149 for houses
Haslet: $2,350 for all rentals
Dallas Rental Market Insights:
Specific rental data for Dallas is limited in the sources provided. However, the available data on market activity and home values offers some insights.
Market Activity:
Closed transactions show condo rentals in Dallas ranging from $2,400 to $4,200 per month in October 2024.
A distressed 4-bedroom single-family home was listed for rent at $1,750 per month.
Market Outlook and Forecast:
Realtor.com predicts a positive outlook for the national housing market in 2024, citing improving affordability and declining interest rates.
Nationally:
Existing home sales are projected to rise by 4.2% to 4.26 million transactions.
Existing home prices are forecasted to increase by 3.9% to $405,300.
Mortgage rates are expected to average 6.9% for the year, potentially dropping to 6.4% by year-end.
Rental Trends:
Realtor.com forecasts a -0.5% rent growth for 2024.
Conclusion:
In conclusion, the DFW real estate market continues to thrive, showcasing a robust seller's market in home sales and a diverse rental sector catering to a wide range of budgets and preferences. Keeping up with current trends and future forecasts can empower you to make well-informed decisions, whether you're buying, selling, or renting in the area. For personalized guidance and expert insights tailored to your specific needs in the DFW market, feel free to reach out today.
For expert guidance and personalized service tailored to your real estate needs in the DFW area, contact:
Gustavo Ramos | DFW Realtor
RJ Williams & Company RE
(817) 876-3390
gustavoramos@rjwilliamscore.com
gustavoramos.rjwilliamsco.com
