The Dallas housing market has been booming in recent years, but what will happen in 2024 amid difficult economic conditions?
Current environment
There's a lot to celebrate in the Dallas real estate market. As reported last month, dallas expressDallas-Fort Worth had the second-highest increase in home sales in the nation in January.
Still, it's not all good news for sellers. The median sales price in Dallas in February 2024 was $212,000, nearly $70,000 lower than in February 2023. That means the median sales price in Dallas has fallen by nearly a quarter, according to Rocket Homes.
But at the same time, homes were on the MLS list for an average of 43 days in February 2024, one day less than the previous year's average of 44 days, a positive development. Not only that, but 708 homes were sold in the city in February, a 6% increase from 667 sales just a month earlier.
Sales of single-family homes, including condos and townhomes, increased by 12.46% year-over-year to 5,335 from 4,744 last month. According to Norada Real Estate Investments, trading volume in dollar terms increased from $2.17 billion to $2.51 billion. During the same period, the median single-family home sales price increased 2.12% annually, from $375,000 to $382,941.
The results for single-family homes were even more impressive. The trading volume increased by 13.62% year-on-year, the number of trades increased from 4,392 to 4,990, and the dollar trading volume increased from $2.04 billion to $2.37 billion. The median sales price increased by 1.58% annually, from $379,000 to $385,000.
For the future
Like the rest of the country, Dallas real estate in 2024 exists against a backdrop of 20-year high interest rates and inflation that remains above the Federal Reserve's target rate. Still, Big D is expected to maintain robust activity, according to some economists.
As reported earlier this year, Texas is expected to see improved economic output, job growth, and population expansion this year, and these factors will provide tailwinds for the Dallas market.
The National Association of Realtors is looking at North Texas broadly and predicting the metroplex will be one of the hottest housing markets in the nation this year. Dr. Lawrence Yun, the group's chief economist, expects unprecedented price increases in the city this year.
“In 2024, I believe we will see more home construction, increased supply, and potential home sellers who have been lagging entering the market. Now mortgage rates are coming down. ” Dr. Yoon told NBC 5 DFW.
Yun believes the Fed will cut interest rates four to five times this year, lowering mortgage rates and increasing real estate activity. But so far, Fed Chairman Jerome Powell has not said when Americans should expect a rate cut.
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