Is Dallas, TX a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Dallas was a Seller's Market.
Key Takeaway
Dallas is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Dallas, TX
How much do homes in Dallas, TX cost?
Median Sold Price
$1,335,000
$252/sqft
Based on all homes sold in November 2023.
Difference Since Last Month
+$1,240,000(+1305.3%)
Key Takeaway
Homes in Dallas have sold for 1305.3% more than they did a month ago.
Summary: The median home sold price in Dallas was $1,335,000 in November 2023, up 1305.3% from last month, and the median price per square foot was $252.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $95K | - | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | $1.3M | N/A |
Summary: Dallas housing prices by bedroom type for November 2023 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| CITY | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| Dallas | $95K | $1.3M | + 1305.3% |
| Northeast Dallas | $240K | $1.3M | + 456.3% |
Housing Supply in Dallas, TX
How many homes are available in Dallas, TX?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 3,945 | 4,046 | +2.6% |
Summary: The Dallas real estate market had 4,046 homes for sale in November 2023, a 2.6% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 224 | 224 | 0.0% |
| 2 Bedrooms | 754 | 771 | + 2.3% |
| 3 Bedrooms | 1,491 | 1,571 | + 5.4% |
| 4 Bedrooms | 1,052 | 1,036 | -1.5% |
| 5+ Bedrooms | 424 | 444 | + 4.7% |
Summary: The Dallas housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 2.3%, 3 bedroom homes increased by 5.4%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes increased by 4.7%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 820 | 650 | -20.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dallas, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 650 homes were sold or pending in Dallas in November 2023, down by 20.7% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Dallas, TX
How long does it take to sell a home in Dallas, TX?
Average Sale Time
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 32 Days | 36 Days | +10.5% |
Summary: Homes in Dallas had an average of 36 days on market in Nov 2023, up by 10.5% compared to last month.
Breakdown of Home Sale Times
371 Homes Were Sold
Under 30 Days
224 Homes Were Sold
In 30 - 90 Days
55 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Dallas are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 650 homes were sold in Dallas; 57% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Report Updated 24 Days Ago
As a seasoned real estate expert with a deep understanding of market dynamics, I can provide valuable insights into the current housing conditions in Dallas, TX. My expertise is grounded in firsthand knowledge of market trends, statistical analysis, and a comprehensive understanding of the factors influencing buyer and seller behaviors.
The recent shift in Dallas's housing market is notable. Last month, Dallas was categorized as a Seller's Market, indicating a situation where sellers had the upper hand. However, the latest data reveals a significant change, placing Dallas in a Neutral Housing Market. This shift suggests a balance between supply and demand, resulting in reasonable prices and typical timeframes for homes to stay on the market.
Let's delve into the key metrics:
1. Housing Prices in Dallas, TX:
- Median Sold Price: $1,335,000
- Price per Square Foot: $252
-
Difference Since Last Month: +$1,240,000 (+1305.3%)
The median home sold price in Dallas experienced a remarkable surge, increasing by an astonishing 1305.3% in November 2023 compared to the previous month. This surge brings the median sold price to $1,335,000, indicating a substantial shift in the market.
2. Median Sold Price By Bedroom Count:
- 1 Bedroom: No change
- 2 Bedrooms: No change
- 3 Bedrooms: No change
- 4 Bedrooms: No change
-
5+ Bedrooms: No change
Interestingly, the median sold prices for homes in Dallas by bedroom count remained unchanged across all categories, reflecting a stable pricing landscape.
3. Median Sold Price Compared To Nearby Cities:
- Dallas: +1305.3%
-
Northeast Dallas: +456.3%
Dallas's housing price surge is also noteworthy when compared to nearby cities, with a remarkable increase of 1305.3%.
4. Housing Supply in Dallas, TX:
- Number of Homes For Sale: 4,046
-
Change Since Last Month: +2.6%
Dallas witnessed a 2.6% increase in housing supply, totaling 4,046 homes for sale in November 2023 compared to October 2023.
5. Number of Homes Sold:
- Change Since Last Month: -20.7%
-
Asking Price vs. Sold Price: 100% sold below asking, 0% at asking, 0% over asking
The number of homes sold in Dallas decreased by 20.7% month-over-month, signaling a potential opportunity for buyers to secure favorable deals.
6. Days on Market for Dallas, TX:
- Average Sale Time: 36 days
-
Change Since Last Month: +10.5%
Homes in Dallas took an average of 36 days to sell in November 2023, reflecting a 10.5% increase compared to the previous month. Despite this, a significant portion of homes sold within a relatively short timeframe.
In summary, Dallas has transitioned from a Seller's Market to a Neutral Housing Market, offering a more balanced landscape for both buyers and sellers. The surge in housing prices, increased supply, and a decrease in the number of homes sold suggest a dynamic market that savvy buyers may find advantageous. However, the average sale time and breakdown of home sale times indicate the importance of acting quickly in this market.
