Dallas Metro Area Housing Market: November 2024 Analysis
The Dallas, TX metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $410,000, reflecting a year-over-year decline of 2.4%. This downward trend in sales prices is mirrored by the Median List Price, which stands at $425,000, down by 0.6% from the previous year. Despite these declines, the market shows resilience in other areas.
One of the most notable trends is the increase in the number of Homes Sold, which has risen by 12.6% year-over-year, totaling 4,596 homes. Similarly, Pending Sales have increased by 11.0%, reaching 5,043. This uptick in sales activity suggests a strong demand in the market, even as prices show a slight decline.
Conversely, New Listings have decreased by 12.2% year-over-year, with 4,896 new properties entering the market. This reduction in New Listings, coupled with a 20.1% increase in inventory, indicates a shift towards a more balanced market. The Months of Supply have also increased by 20.0%, now standing at 4.0 months, suggesting that buyers have more options to choose from compared to the previous year.
The median Price Per Square Foot has decreased by 1.4% to $197.91, while the Median List Price per square foot has increased by 2.8% to $209.56. This divergence suggests that while sellers are listing homes at higher prices per square foot, the actual sales are occurring at slightly lower prices, indicating a potential negotiation space for buyers.
The average sale to list ratio has slightly decreased to 97.6%, down by 0.2% year-over-year, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has decreased by 2.9% to 13.3%, further highlighting the competitive nature of the market. Additionally, the percentage of Price Drops has increased by 1.3% to 32.3%, suggesting that sellers are adjusting their expectations to align with market conditions.
The Median Days on Market have increased by 9.0% to 49 days, indicating that homes are taking longer to sell compared to the previous year. Furthermore, the percentage of homes going off the market within two weeks has decreased by 5.9% to 19.3%, suggesting a slower pace in the market.
Overall, the Dallas metro area housing market in November 2024 exhibits a mix of declining prices and increased sales activity, with a notable rise in inventory and Months of Supply. These trends suggest a market that is adjusting to changing conditions, offering opportunities for both buyers and sellers to navigate the evolving landscape.
