Dallas Housing Market: September 2024 Analysis

The Dallas, TX metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.7% year-over-year, settling at $415,000. In contrast, the Median List Price has risen by 2.7% to $439,900, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics also reflect this divergence. The median Price Per Square Foot has decreased by 1.3% to $200.67, while the Median List Price per square foot has increased by 2.8% to $212.07. This suggests that while sellers are listing homes at higher prices, buyers are negotiating lower prices per square foot.

Sales activity shows a positive trend, with Homes Sold increasing by 0.9% year-over-year to 4,874 units. Pending Sales have seen a significant rise of 8.4%, reaching 5,722 units, which could indicate a robust demand in the coming months. New Listings have also increased by 7.9% to 6,560, contributing to a substantial 28.6% rise in inventory, now at 19,209 units.

The Months of Supply have surged by 80.0% to 3.9 months, reflecting a more balanced market compared to the previous year. However, the Median Days on Market have increased by 11.0% to 47 days, suggesting that homes are taking longer to sell.

The average sale to list ratio has slightly decreased by 0.5% to 97.7%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 6.4% to 13.4%, while Price Drops have increased by 2.6% to 37.6%, highlighting a more competitive market environment.

Finally, the percentage of homes going off the market in two weeks has decreased by 8.8% to 23.2%, suggesting a slower pace in the market compared to last year.