DALLAS — The last year has brought some good news for people looking to buy a home in Dallas-Fort Worth.
The number of new listings in Dallas-Fort Worth was up 40.9% year-over-year in January (from 6,627 to 11,856), according to the latest Re/Max national housing report. The average home in DFW also sells in 55 days – one day faster than last year, and home sale prices remain steady, having risen 1.6% year over year the report states. The median sale price was $375,000 in January 2023 and rose to $381,103 in January 2024, according to the report.
Housing supply has also improved slightly with two months supply of inventory in January 2023 and 2.5 months supply of inventory in January 2024, according to the report.
“The spring market is arriving early in the Dallas market. We have increased inventory, increased multiple offers and homes once again selling above list. A tremendous improvement over 2023. There is still significant uncertainty in the economy, but people are moving forward with their real estate needs,” said Re/Max DFW Associates president and broker/owner Mark Wolfe.
There’s also some good news nationally.
The number of newly-listed homes in January was 66.3% higher than in December and 21.5% higher than January 2023 across the 50 metro areas surveyed.
The 21.5% year-over-year increase in new listings reversed a multi-year January trend, as new listings dropped 5.1% from January 2022 to January 2023 and 8.1% from January 2021 to January 2022, Re/Max said.
January home sales were 2.5% higher than January 2023, although they were down 19.1% from December, a slightly smaller post-holiday drop than the past two years. January inventory increased 1.7% over January 2023, ending a seven-month streak of year-over-year declines. The median sales price of $405,000 was 5.2% (or $20,000) higher than January 2023 and unchanged from December.
"It was encouraging to see the surge in new listings, as January stats can be a sign of things to come," said Nick Bailey, President and CEO of RE/MAX. "Potential buyers and sellers considering a move this year should prepare by securing a qualified agent who can help them understand the local market and help them through the process. If new listings continue to emerge and interest rates drop a bit over time, 2024 could be a year of great opportunity for buyers and sellers."
So where does Dallas rank in terms of home sales during the last year compared to other U.S. cities?
Of the 50 metro areas surveyed in the report, Dallas has the second-highest increase in home sales between January 2023 and January 2024 behind only Salt Lake City, Utah. Dallas saw 4,500 home sales in January 2023 and 5,208 in January 2024 – a 14.2% increase in sales.