Dallas, TX Metro Area Housing Market Analysis - August 2024
The Dallas, TX metro area housing market in August 2024 presents a nuanced picture with several key indicators showing both stability and shifts. The Median Sales Price for homes stands at $424,995, reflecting a stable market with no change year-over-year (YoY). However, the Median List Price has seen a slight decrease of 0.9% YoY, now at $434,999.
When examining Price Per Square Foot, the median Price Per Square Foot is $202.48, which is down by 1.4% YoY. Conversely, the Median List Price per square foot has increased by 2.3% YoY, reaching $210.51. This divergence suggests that while sellers are listing homes at higher prices per square foot, the actual sales are occurring at slightly lower rates.
In terms of sales activity, the number of Homes Sold in August 2024 is 5,417, marking a 3.5% decrease YoY. Pending Sales, however, have shown a modest increase of 0.6% YoY, totaling 6,187. New Listings have risen by 4.5% YoY, with 7,385 new homes entering the market. This increase in New Listings contributes to the significant rise in inventory, which is up by 30.1% YoY, now at 18,966 homes.
The Months of Supply, a critical indicator of market balance, has surged by 90.0% YoY to 3.5 months. This substantial increase suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years. The Median Days on Market have also increased by 13.0% YoY, now averaging 46 days, indicating that homes are taking longer to sell.
The average sale to list ratio is currently 97.7%, a slight decrease of 0.8% YoY. This ratio indicates that homes are selling for slightly less than their listing prices. The percentage of Homes Sold above list price has dropped significantly by 9.0% YoY, now at 14.0%. This decline suggests a cooling in the market's competitive intensity.
Price Drops have become more common, with 41.4% of listings experiencing a price reduction, up by 4.8% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.2% YoY, now at 25.4%. This further indicates a slowing pace in the market.
Overall, the Dallas, TX metro area housing market in August 2024 shows signs of stabilization with a balanced increase in inventory and New Listings, coupled with a slight cooling in sales activity and pricing dynamics. These trends suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the real estate landscape with greater confidence.
