Current State of the North Texas Housing Market
Like most, you’re probably wondering how the current real estate market may be impacted by COVID-19. According to MyMetroTex’s March report for North Texas, the housing market doesn’t seem to be impacted by COVID-19 as much as one would think. This could be the case because most homes take 30-45 days to close, suggesting the ones we saw close in March were in the works before current quarantine guidelines were put in place. Keep reading below for some high-level statistics you should know surrounding the current state of the North Texas housing market!
Statistics for spring 2020 vs. spring 2019 are as follows:
Median Price: The median price was roughly $248,750 this year, which is a 5.9% increase compared to last year.
Listing Life: Homes were active on the market for about 64 days and take 33 days to close, totaling a listings average life of 97 days. This total is just one day less than March of 2019.
Active Listings: The number of active listings this year was down by about 8.9% compared to last year, leaving the current market to be a strong seller’s market.
Closed Sales: There were 29,916 homes closed this year, which is an increase of 1.4% compared to last year.
To make matters a little sweeter, North Texas counties are among the top counties across the U.S. that are the least at-risk for being negatively impacted by COVID-19.
“Eighteen of the 50 least at-risk counties have a population of at least 500,000, led by Harris County (Houston), TX; Dallas County, TX; King County (Seattle), WA; Tarrant County (Fort Worth), TX; and Santa Clara County, CA, in the San Jose metro area.” [ATTOM Data]
If you’re still looking for your dream home or trying to sell, our agents are ready to help and guide you through the process! Visit our Contact Us page or give us a call at (817) 717-6036 to get the process started.
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