Dallas-Fort Worth Dodging The Bullet

Across the majority of the country, listings of pre-existing homes are skyrocketing and prices are dropping, due to the mortgage crisis we are facing. Many cities and states are seeing enough homes on the market to sustain buyers for the next two years, or even longer in some areas. One area that has been missed by this national trend is Dallas-Fort Worth. This metro area has only seen a slight increase in listed pre-existing homes in the past year, staying very close to their four-year average.

A recent article in the Dallas Morning News states that the tight market in the Dallas-Fort Worth area is helping to keep the real estate values very stable, considering the country’s rocky real estate market. The average value for an existing home has only dropped and average of two percent over the past few months, which is a minor drop compared to what other areas in the region are facing.

The only portions of the metro area that seems to be struggling in the wake of the current market situation are the more affluent areas, like Park Cities. Homes in these neighborhoods can list into the millions, and homes are sitting on the market for far longer than in middle class neighborhoods. These areas have seen an increase in listed homes since the beginning of this year and turnover time has shown an increase.

Price drops on newly built homes could make a difference in whether this trend of stability continues. With thousands of newly built homes sitting vacant, the pressure on builders to sell is growing, and these prices may drop significantly in the near future, putting a strain on the market for pre-existing housing. Even with the streak of luck the area has had, keeping one eye on the market is a good idea for both buyers and sellers, alike.

Joe

Cardinal Hills Real Estate | Austin Texas Real Estate Blog