June 2022 Dallas Market Update

 

Is now a good time to buy? That's the big question of the moment but it's my job to help you answer it. This month, whether you're buying or selling, the name of the game is to stay the course.

I'm keeping an eye on local and national trends so I can help you better understand what\'s happening. Here\'s what I'm seeing in the market from the four weeks ending May 25:

• Homes in the Dallas area grew in price by 21% compared to this time last year, and 51.2% of homes sold above list price.
• Mortgage rates continue to creep up, currently in the 5.35% range, with indications that more rate hikes are coming
  
  
• The number of new homes for sale is on the Rise. Dallas county is still lower than this time last year. Denton and Collin counties have more homes than at the same time last year Total New Homes for Sale

• The Number of new listings is on the Rise. There are more new listings than at the same time last year Total Number of New Listings
  
• Months Supply of Inventory is still going up - The amount of time in months that it would take to sell all of the current homes listed. Months Supply of Homes

If you're searching for a home, you've noticed that inventory is still low, but new listings are hitting the market almost twice as fast as they were last year. Also, prices are showing some signs of leveling out, so it\'s a great time to buy if we find you the right home in your budget.

For sellers, yes, the market may be cooling, but time is of the essence. Desirable and well-priced homes are still selling quickly I can help you set a list price that will encourage strong offers and minimize your time on the market.

I hope you have a fantastic June and are able to take advantage of some beautiful summer weather! As always, reach out to me anytime to schedule a strategy session, or just to chat about your home journey.