The North Texas housing market felt a slight correction the past few months. Not all cities & price points were as affected as others, but it happened. Sellers across Dallas/Fort Worth experienced slower starts, more price reductions and fewer showings. Homes located north of President George Bush Turnpike priced over $500,000 sat without offers for much longer than they anticipated.
A balanced market would have six months supply of inventory - anything lower than six months is considered a seller's market, anything higher leans towards a buyer's market. This graphic shows the housing market at a glance for Prosper. In October, the small town had over eight months of inventory available - the highest levels we've seen in a few years. It's important to note that this graphic only speaks for Prosper's market, which is overflowing with builder inventory, and does not reflect all surrounding cities.
If you'd like to better understand what these numbers mean for your sale or purchase in any area of Dallas/Fort Worth, I would love to talk to you. Understanding the market trends and forecasts is what we do best because that's how what is going to determine our clients' success. Part of our service to clients is making sure they understand, not only what their home is worth, but why.
Give me a call today and let's talk about your plans. (214) 394-3314