According to the North Texas Real Estate Information System Summary MLS Report for: May 2018 compared to May 2017, the DFW Metroplex real estate market is escalating at impressive rates. The Median price of a Single Family Residential (SFR) home in the DFW Metroplex is 5% more in May 2018 than it was in May 2017. The SFR in the Metroplex averaged 39 Days on the Market (DOM) for homes that closed in May 2018. That is 3% slower than last year, and there are about 13% more homes on the market this year versus last year.
Condos are holding their value as well. The average price for a condo in the metroplex stayed the same from 2017 to 2018 ($286,196), but the average time on the market is 48 days- up 9% from last year. There are 17% more condos on the market in May 2018 than there were in May 2017.
Some notable changes in the market are in multifamily properties. Multifamily properties were on the market 15 days that reflects a 53% faster time compared to last year with prices up 25% on average compared to last year.
Rentals are also a great story, and congratulations if you purchased a rental property in January of 2016. The median price for rent in January 2016 was $1588 in the NTREIS compared to $1791 in May 2018. In January 2016, it took about 42 days to lease a home as a landlord (42 DOM) compared to about 36 days (36 DOM) in May 2018.
If you are renting, it is still a good time to buy. Yes you could have purchased cheaper if you had not waited, but I believe that the market will continue to pick at its current rate if not pick up at a higher pace. If you own a home that you are wanting to change, now is a good time to do it. I have worked with many people to make this happen. It is tricky, and it requires experienced real estate agent, the right lender, timing and a little luck. And, if you are considering purchasing investment property, just look at the numbers. I am very familiar with investors, the terminology and closing deals that sometimes close quickly and sometimes can take a year or longer.
If you are looking for a good and honest agent, reach out to me. I can help you with your real estate needs here in the Metroplex and am also very familiar with the Austin market as well as the Corpus Christi-Rockport-Copano Bay areas. I live on referrals, so please give my information to your friends who may need an agent in this crazy competitive market.