What happened to North Texas Home Prices (and home sales) in May 2020?

Dated: 06/10/2020

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What happened to North Texas Home Prices (and home sales) in May 2020?

When it comes to Real Estate, most people were expecting the number of homes sold to be down.  Many more are calling for home prices to drop too.  Thanks to MetroTex Association of Realtors, latest housing report for May is out. What actually happened?

First, there's really not much inventory on the market.  Given the pandemic, there just aren't many people listing their homes.  Because of that, we've got just 2.6 months of inventory on the market.  That means, if we stopped listing homes today, all of them would be sold in under 3 months.  That also means we're squarely in Seller Market territory.  New listings were down 22% from May 2019.  Seller's definitely have the advantage in negotiations because there's just not much competition.  Sales were down a similar amount. 

Second, prices held steady, largely because of the lack of inventory.  When there are buyers willing to buy and not much to choose from, sellers are able to get the prices they're looking for.  As a result, days on market was roughly the same as last year, just two days longer despited the pandemic. 

That all adds up to the fact that homes that are listed at the right price are still selling. 

If you have a home to sell, it's a great time but where do you go?  There are actually quite a few New Construction options availlable on the market and builders still have incentives to make a deal work for you.  Couple that with some of the lowest interest rates in history and timing could be brilliant for your move...but that's another post.

If you'd like to explore your options, give us a call at (817) 403-9275 or send us at email at Brian@Bluefuserealty.com

North Texas Real Estate Market Update May 2020

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Brian & Tisha White

Founded in 2014, we are built around making your Real Estate experience AWESOME! BlueFuse was started by Tisha and Brian White to build a family business, serve our community and keep Brian closer to....

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