Dallas Housing Market Guide
Many people say that everything is bigger in Texas. And when it comes to the Dallas housing market, this sentiment holds true. As the third-largest city in the state, Dallas continuously welcomes new residents from all walks of life, fostering a growing housing market that continues to thrive.
Whether you’re looking to buy or sell a home in Dallas, it’s crucial to have a professional by your side to help navigate this competitive market. With decades of valuable industry experience, the experts at Mark Spain Real Estate are more than well-equipped to guide you through the Dallas housing market. Below, we’ve compiled a comprehensive guide to Dallas real estate for potential buyers and sellers of this Texan metropolis.
Dallas Housing Market Guide
Dallas Housing Market Overview
If you want to sell or buy a home in Dallas, you’ll need to brush up on the latest real estate trends. According to our experts, prospective real estate goers should take the following factors into account before entering the Dallas housing market:
Median Listing Price
The median listing price in Dallas is $493,000, as of May 2023.
Number of Active Listings
The number of active listings in Dallas as of May 2023 is 11,225 listings, up 17% from
Days on Market
As of May 2023, the average number of days on the market for Dallas listings is 37 days,
showing a 146% increase from May 2022.
How Much Do Homes in Dallas Sell For?
As of May 2023, Dallas listings’ median sale price is $425,000, showing a decrease from May 2022’s median sale price of $457,000. Generally, the Dallas housing market is quite competitive, with most homes receiving multiple offers.
Many Dallas home buyers are outbound shoppers from other popular metropolitan areas like Los Angeles and San Francisco. However, 82% of buyers are pre-existing residents looking to relocate within the Dallas metro area. That said, it’s no surprise that Dallas is one of the most populated cities in the state, as those who move to Dallas tend to stay there for the long haul!
When Is the Best Time to Buy or Sell a Home in Dallas?
The Dallas housing market is alive and thriving year-round. However, certain times of the year may present more optimal opportunities for selling or buying a home. If you’re a prospective home buyer, you’ll want to strike the iron while it’s hot, literally and figuratively. Summer shows the largest selection of listings in Dallas, giving buyers ample options to choose from.
However, more inventory brings more buyer competition, meaning sellers often increase their asking prices during the summer. That said, if you want to prioritize price over selection, fall and winter are your best bet. Late fall to winter can be an excellent time for Dallas home buyers to get a good deal, as the market will have slowed down, and sellers will be eager to sell their homes.
For sellers, summer and spring are your best chance at getting the most bang for your buck. Despite the high inventory during this time of year, listings fly off the shelves as buyers eagerly shop for homes. To sell a house fast and for a higher price, consider listing your home in March and anticipate to close in June.
With this timeline, both the buyer and seller have ample time to settle into their new homes before the hustle and bustle of fall and winter ramps up. If your timeline aligns better with the winter, no need to stress. Winter and fall bring their fare share of benefits to sellers, including a more serious buyer pool, less seller competition, and festive holiday home staging opportunities.
How Can I Sell My Home Fast in Dallas?
If you need to sell your home in a time crunch, you have nothing to worry about in Dallas. As the third largest city in Texas, Dallas sees a constant cycle of newcomers seeking to settle down and start their next chapter in this sought-after metropolis. At Mark Spain Real Estate, our Dallas team helps streamline home sales across the city. By offering exclusive market intel and top-performing selling strategies, we help Dallas sellers overcome all obstacles to have a seamless selling experience.
What Are the Best Neighborhoods in Dallas?
The Dallas housing market is home to several top-quality neighborhoods and nearby cities. From relaxing rural areas to charming suburbs, Dallas has diverse communities for all walks of life. Read below to learn more about some of the top neighborhoods and cities in or near the Dallas metropolitan area.
As one of the city’s most upscale areas, Downtown Dallas catches peoples’ attention. This hub is home to some of the city’s top shopping districts, eateries, entertainment venues, and more. However, it also hosts sophisticated, serene residential areas comprising trendy townhomes, high-rise apartments, homey condos, and more.
Centrally located between Dallas and Fort Worth, Irving is one of the best places to settle down in Texas. With various entertainment venues, shopping centers, hiking trails, and more, this one-of-a-kind community is the perfect spot to start a new chapter. Given its size, Irving boasts a diverse selection of homes that caters to all housing preferences. From traditional homes to new constructions, Irving has it all.
From growing families to retirees, you’ll find residents from all walks of life in McKinney. Just 30 miles north of downtown Dallas, this charming community exudes a small-town feel that visitors and locals alike just can’t get enough of. McKinney hosts a wide range of property types, from large family houses to cozy townhomes, and is the perfect place to settle down away from the hustle and bustle of city living.
With respected schools, ample attractions, and quality homes, what’s not to love about Garland? Just northeast of Dallas, Garland offers residents a prime location, community safety, affordability, and more. Whether you’re an empty nester looking to downsize or a growing family seeking a forever home, Garland is the perfect place to plant your roots in the Dallas-Fort Worth metroplex.
Just an hour away from downtown Dallas, Cleburne offers a quiet escape from the hustle and bustle of city life. Fostering a friendly, suburban feel, Cleburne hosts a tight-knit community of roughly 30,000 residents. From growing families to retirees, you’ll find people from all walks of life in this serene and spacious Texan city.
Sell a Home in Dallas with Mark Spain Real Estate
Do you want to buy or sell a home in Dallas? The industry professionals at Mark Spain Real Estate are here to help you navigate Dallas real estate. With decades of industry experience, our team will help you become an expert in the Dallas housing market hassle-free! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!