How is the Dallas/Fort Worth Housing Market Doing?

After a short hiatus, Staging Dallas is excited to be back in business! We have also resumed bi-monthly blog content to be a source of helpful information for you during this uncertain time. The global crisis we are living in has made life a bit different and surely it has affected you or a family member in one way or another, but how is the Dallas/Fort Worth housing market faring and should you be worried if you are either planning to buy or sell a home? Let's get into it.

According to an article by the Dallas Business Journal: "Nationally, homes sales fell 20.2 percent in April, and prices were up 9.3 percent compared to a year ago. The number of DFW homes sold fell in April to 7,122 compared to 9,164 in April 2019. The current median sale price is $288,000, up from $273,000 one year ago."

So, minus all of the numbers, in the DFW area there were fewer homes for sale but priced higher than a year prior. If you took basic economics in high school, you know this is caused by a simple supply and demand model. Low supply creates higher demand which creates higher prices. While the number of listings differs across the metroplex, it is obvious that a buyer panic is setting in place.

However, despite the panic, the average number of days that it took a home to sell in DFW for the month of April is still 92 days (unchanged from April 2019) according to a market report by MetroTex.

Graphic via https://www.mymetrotex.com/market-reports/

There could be a variety of pandemic-related factors causing this slow home-buying process, but regardless, the homes should be selling more quickly with a lower demand and higher increase of anxiety over home buying. Okay so maybe you don't have control over a pandemic, but you do have control over how quickly your home sells. Try home staging. It's been proven year-over-year that homes staged by Staging Dallas sell more quickly than the average, un-staged North Texas home.