Dallas TX Real Estate - Dallas TX Homes For Sale | Zillow (2024)

FAQs

Are Dallas home prices dropping? ›

Dallas Housing Market Trends

What is the housing market like in Dallas today? In June 2024, Dallas home prices were down 0.43% compared to last year, selling for a median price of $460K. On average, homes in Dallas sell after 47 days on the market compared to 185 days last year.

Dallas Is Becoming Unaffordable

Dallas has a shortage of attainable homes and rental units, and this shortage is only expected to worsen as the city continues to grow. Low wages and skyrocketing rental costs are driving the problem. Dallas' top four most common jobs have a median wage of less than $40,500.

Best Time to Sell Your House for Higher Price

May, June, and July are the best months to sell your house in Dallas. The median sale price of houses in June 2023, was $453,000, which is expected to rise more in 2024.

Sale-to-list price ratio: 106.68% Homes in Dallas, TX sold for 6.68% above asking price on average in July 2024. Dallas, TX is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

What is the forecast for the Dallas real estate market in 2024? The Dallas real estate market is expected to stay dynamic in 2024, reflecting a continuation of growth and the area's strong economic fundamentals. Analysts suggest that the market will remain a significant player in the Texas and national economies.

Dallas Real Estate Trends

Potential Price Moderation – After a period of significant price stability, the Dallas housing market may see a rise in 2024. Forecasts vary, with some predicting price decreases of up to 8% compared to 2023, while others indicate a more modest price stabilization or even a slight increase.

DALLAS – Fitch Ratings says that home prices in Dallas-Fort Worth are between 15 and 19 percent overvalued. However, Real Estate Center Chief Economist Dr. Jim Gaines said such warnings are overstated. As long as the economy continues to grow, he doesn't believe North Texas' home values are out of whack.

The report found that Dallas has no neighborhoods where prices were declining. The market types that saw the most significant home sale price increases were at the lower end of the spectrum as demand for more affordable housing outpaced supply.

The city was one of the four Collin County cities listed among the fastest growing areas in the nation. Overall, the Dallas-Fort Worth area saw the largest metropolitan population rise last year and surpassed 8 million total residents, according to a previous Census report.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

Is Dallas TX a good place to invest in real estate? ›

Dallas-Fort Worth (DFW) is the fifth-largest metro area in the U.S. and consistently ranks among the country's top metros for job growth. Many experts deem DFW as the sixth-best market for overall real estate prospects and the second-best city in the Texas real estate market.

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.

That's according to a March analysis by real estate giant CBRE Group Inc., which calculated that it cost 115% more to buy than rent in Dallas at the end of 2023.

For the 13-county Dallas-Fort Worth metro, net migration resulted in the addition of 101,419 people from July 1, 2022 to July 1, 2023. That translates to about 278 more people in DFW per day via migration.

In both cities, as is the case for much of Texas, home prices are likely dropping because the growth of inventory has outpaced demand. The Lone Star State has significantly increased its inventory compared to 2023 level: in June, there were 156,743 homes for sale in Texas, up 22.4 percent year-over-year.

DALLAS – Fitch Ratings says that home prices in Dallas-Fort Worth are between 15 and 19 percent overvalued. However, Real Estate Center Chief Economist Dr. Jim Gaines said such warnings are overstated. As long as the economy continues to grow, he doesn't believe North Texas' home values are out of whack.

The State of Texas does not have an income tax, leading to a beneficial low business taxation system that leads to fewer taxes for its citizens. As a result, they are able to spend the extra money on owning or investing in real estate due to more affordable housing costs.