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Hi,
Welcome to my 3rd Quarter 2021 Real Estate Market Report. This is for the 3rd Quarter 2021 compared with the same period 2020.
Recently Brian Hagen, Hagen Appraisal Services, spoke with our company about the Fall/Winter market. Here are some of his insights: DFW is the #1 place to be because the people moving from other areas still see affordability in our marketplace. The red-hot pace of the past year is beginning to show signs of slowing based on fewer appraisal waivers and leasebacks but the pace is still above our typical market. To put it another way, Steve Brown, Dallas Morning News, said “we were going down the highway at 200 mph and now we are going 100 mph, that’s still very fast”. Hagen said, “2022 will be another great year, with hopefully more opportunities for buyers.”
Local market trends matter and are driving what is happening by price point, state, city and the neighborhood you live in.
So let’s look at some positives for our local market, showings continue to be strong.
Listings dropped at the end of April 2020 due to COVID-19 and continue to be down nearly 50% compared to 3rd Quarter 2020 (months supply of inventory). Interest rates remain near historic lows with buyers actively in the market. Well priced and well-conditioned “market ready” homes are selling quickly and often with multiple offers, especially in homes under $500,000.
According to NTREIS, our local MLS, the marketplace for East Dallas residential properties 3rd Quarter 2021 versus the same period in 2020:
- The Number of SOLD listings Decreased more than 10.2% to 1947 units with a top sale of $2,499,000 at 4646 Chapel Hill Rd.
- The Average Sales Price Increased slightly by 7.3% to $567,274 moving the Average Price Per Sq Foot Up 11% to $274 per sq foot.
- The inventory of properties available for sale measured in months supply Decreased by 51% to 1.5 months worth of properties for sale due to extreme buyer demand.
- Mortgage rates were Unchanged with the 30 year fixed rate average near 2.9% according to Mortgage Rate Source: FreddieMac
Additionally you will find below the 4 Neighborhood Reports for 3rd Quarter 2021 compared to 2020.
Numbers for 3rd Quarter 2020 through 3rd Quarter 2021 were strong and record setting. Economists are predicting a strong fall/winter market as long as there is sufficient inventory.
Everyone’s situation is unique, so contact me to discuss your individual situation and needs.
If you decide to buy or sell real estate now or in the near future, it is important to understand the current local market trends.
See you next month for the real estate market report.
P.S. You are an important part of my business so if you know someone who would benefit from this information please feel free to share it.
P.P.S. I have a stellar network of national and international agents who can help you, your friends and family buy or sell any where in the world! Let me know how I can help.
