Dallas-Fort Worth Claims Second Spot in Latest U.S. Real Estate Report
In the recently disclosed RE/MAX National Housing Report for January 2024, Dallas-Fort Worth emerged as a real estate frontrunner, securing the second spot in the U.S. market with the most substantial increase in year-over-year sales percentage. The report indicates promising opportunities for both buyers and sellers as the spring market approaches.
Dallas-Fort Worth witnessed an impressive surge in home sales, reaching 5,208 in January 2024 - a significant 14.2% uptick from the 4,560 homes sold in the corresponding month the previous year. While Salt Lake City, Utah claimed the leading position with a 20.0% increase, Dallas-Fort Worth demonstrated robust growth, firmly establishing itself among the top-performing markets. Las Vegas closely followed with a 12.4% increase.
In January, the latest Re/Max national housing report revealed a 40.9% year-over-year increase in new listings in Dallas-Fort Worth, soaring from 6,627 to 11,856. The average duration for a home to sell in the DFW area is 55 days, a slight improvement of one day compared to the previous year. Home sale prices remain consistent, showing a 1.6% year-over-year increase, as indicated in the report. In January 2023, the median sale price stood at $375,000, and it climbed to $381,103 in January 2024.
The housing supply has also experienced a modest enhancement, with a two-month supply of inventory noted in January 2023 expanding to 2.5 months in January 2024, as highlighted in the report.
Mark Wolfe, president and owner of Re/Max DFW Associates attributed the market's strength to a significant influx of people relocating to the Dallas area from various parts of Texas, California, and across the nation. This migration trend contributes to the robust real estate environment in Dallas-Fort Worth.
Nationally, another notable trend in the real estate landscape is the upswing in newly listed homes, experiencing a 66.3% increase compared to December 2023 and a 21.5% rise compared to January 2023 across the 50 surveyed metro areas. This surge in new listings bodes well for potential buyers, offering them a wider array of choices in the market.
The median sales price in January 2024 stood at $405,000, reflecting a 5.2% increase from the same month in 2023. The average close-to-list price ratio remained steady at 98%, indicating a well-balanced market. Furthermore, homes in the surveyed metro areas took an average of 45 days to sell, three days less than in January 2023.
The surge in new listings, combined with robust market metrics, paints a promising picture for the real estate scene in the upcoming months. For those seeking a more detailed understanding of the housing market, the comprehensive report is accessible on the RE/MAX website, providing metro-specific data and valuable insights.
Source: ABC8
