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Hot, Hot, Hotter—Fall Real Estate Market Insights

| 09.21.2020

Despite the pandemic, the summer selling season boomed in unforeseen ways — and it’s not slowing down. Those thinking about listing their home would be wise to take advantage of this opportunity now. If you’re ready to buy or sell in the Dallas real estate market, here’s what you need to know.

Have questions about the current market? We’re here to help.

While it’s no secret that parts of the economy have taken a serious hit due to COVID-19, the record-low interest rates and a severe lack of inventory has made the housing market stronger than ever. Because of this strength, if you are thinking of selling, this could be an opportune time. Consider this…

5 Facts for Buying & Selling This Fall

  • Average home sale prices are up 10%. The month of July saw the biggest uptick in sale prices year over year, with August and September close behind.
  • Number of homes listed at all-time low. In fact, this year marks the lowest level of Dallas homes on market in over two decades. Great news for sellers – low inventory combined with high demand equals higher prices.
  • Interest rates are historically low. The average interest rate for a 30-year fixed-rate mortgage is currently at 2.86%, with a 15-year at 2.37%. That is simply amazing. This is a major boost to buyer affordability.
  • Average days-on-market numbers down significantly. In the Park Cities, Preston Hollow and Lakewood, we’ve seen astounding 60 days-on-market averages over the past few months, whereas last year’s averages for the same period were around 90+ days.
  • Out-of-state buyers are continuing to come in droves. Through our own experience and talking with other agents, we are seeing a huge increase in clients coming from out of state due to a myriad of reasons. This will likely drive property values further through the rest of this year (and beyond).

If you’ve been asking yourself when will be the right time to sell, the answer is probably now. But as always, we’re here to answer questions and offer advice that is right for you. So reach out today if you want an honest expert opinion.

Have questions about buying or selling? We have answers.

When you’re seriously searching for the perfect home, an agent can provide insights and access to off-market properties you can’t get elsewhere. If you’re thinking of selling or just can’t decide, we’re here to help.