As the Dallas-Fort Worth region witnesses a shift in the housing market, new home sales have declined, and the inventory of homes available for purchase has increased, leading to a more balanced market environment. According to the Dallas Business Journal, Dallas-Fort Worth new home sales dropped in November, with properties sitting idle for an average of more than five months – the longest market time in Texas.
In an effort to maintain their foothold, sellers are now faced with the challenge of navigating a market that boasts a higher inventory, with active listings swelling by 12% compared to the previous year. This change has also influenced pricing strategies, as seen in the recent data from the MetroTex Association of REALTORS, via Candy’s Dirt, which shows a decline in both average sales price, down 6% to $479,417, and median price, down 5% to $375,750. Additionally, homes are taking longer to sell, with days on Market increasing by 18% year over year to 67 days…