DFW median sales prices see uptick after relaxing in the second half of year.
The immediate rise in interest rates in Summer of 2022 caused a decline in buyer demand, but many areas have more than recovered from this dip. The mid-2023 peak follows yearly trends of “hot” summer markets before the new school year, while the latest increase at year’s end is likely due to the recent drops in interest rates. Some areas have seen a very sharp increase in pricing since October.
Sharp increases in interest rates dominated the news this year. Many buyers and homeowners enjoyed historically low rates through 2021-22. This caused home prices to surge and buyers to fight for homes with extreme contingencies and cash on the line. The plus side to the rate increase was a more balanced buyer/seller market in DFW. Rates are now declining from their 23-year high of 7.57% and may cause even more buyer demand in 2024, resulting in higher home prices. Some mortgage professionals predict a low to mid-6% rate by mid 2024.
DFW region is the fastest growing metroplex in the nation (D Magazine). For the first time, the DFW population has exceeded 8 million people. Sources estimate an average net increase of 8,000 residents monthly. Fort Worth is the fastest growing Texas city in 2023 and one of the fastest growing cities nationally (Fort Worth Star Telegram). Texas is now home to the most Fortune 500 companies nationwide with 55 in the state and 24 in DFW (dallasinnovates.com).
UPCOMING ATTRACTIONS
- Universal Studios Kids Resort in Frisco is on track for 2026 completion
- Southern Gateway Park construction underway for a Klyde Warren-style park near the Dallas Zoo
- PopStroke (Designed by Tiger Woods) - Opening February in the Grandscape (The Colony)
- Peppa Pig ThemePark - Opening 2024 in North Richland Hills
We would love to help you or anyone you know with your next move.
Don’t hesitate to reach out!