North Texas Metro Home Values Beginning to Stabilize After Searing Rise
Dallas, Texas (PRWEB) September 11, 2013 -- It’s become common knowledge among Fort Worth, Dallas and Arlington home owners that the first six months of 2013 stand as one of the greatest periods of DFW-area real estate value and sales gains ever. And a recent article from The Dallas Morning News confirmed that these gains had even persisted in July, with the 9,397 homes sold that month in the North Texas area becoming the largest total for a single month in the area’s history. So it’s presumably with open arms that potential DFW buyers who’ve had trouble cracking into these markets have welcomed a trend that’s developed over the past several weeks; that being that home prices are beginning to stabilize.
Prudential Texas Properties reports that in looking at data from real estate analytics company Altos Research, the three largest cities in North Texas—Dallas, Fort Worth and Arlington—have all seen negligible activity in home values in recent weeks. In other words, the market is not moving up rapidly as it did for the majority of the year in all of these metros, but it also is not moving down as has happened in many less desirable metros in the second half of 2013.
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Altos’ data shows the median list price for the week of September 2nd at $329,995 for Dallas homes, $154,900 for Fort Worth homes and $173,000 for Arlington homes. These numbers are for the seven-day averages for home list prices, which have tended to be erratic from week to week in these bustling real estate hubs. But by comparison for each city, these new numbers show little change from the weeks previous. In Altos’ report from a week earlier for Dallas homes, the median list price was $329,900—a difference of less than $1,000 dollars week to week. In Arlington, prices had not changed whatsoever from August 26th. And in Fort Worth, a report from two weeks out on August 19th saw the median list price at $154,000, also a change of less than $1,000.
While these trends might perk up the ears of potential buyers and investors who’ve been waiting for the market to cool off, there’s also a takeaway here for home sellers in these three major cities. That would be that home prices did not drop in any one of the instances expressed. And this could point to exactly what the North Texas real estate economy as a whole has been looking for—a stable market that has trumped pre-recession highs but is not acting erratically or showing signs of another bubble burst.
Citing Altos data, VP of Marketing with Prudential Texas Properties DD Flynn says, “If you would have told Dallas homeowners at the beginning of the year that they’d have to ‘settle’ for a $65,000 increase on average in the value of their homes, I doubt many would have been disappointed,” adds Flynn, “A stabilized market means a healthy and more predictable market, and if these trends persist, that is exactly what home sellers and buyers from Dallas to Fort Worth to Arlington can expect.”
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Rachel Rusnak, TRIBUS, +1 (312) 600-8809, [email protected]
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