DFW Metroplex Real Estate Market Update: July 2023

Introduction

As we continue to monitor the real estate market in the DFW Metroplex, it's crucial to stay abreast of current trends to make informed decisions whether you're buying, selling, or investing in property. In this report, we'll look at the market conditions in July 2023 and compare them to July 2022.

Median Price Sold

One of the most essential metrics, the median price of homes sold, showed a slight decline of 1.2% this July compared to the same month in the previous year. The median price sold is now at $410,000. This dip could signal a slight cooling off in the market, though it's important to keep an eye on this trend over the coming months.

Active Listings

Active Listings in the DFW Metroplex have increased by 2.9% compared to July 2022. While this rise isn't substantial, it could signify that sellers are slowly gaining more confidence in the market, thereby offering more choices for prospective buyers.

Closed Sales

Interestingly, even with a rise in Active Listings, Closed Sales have decreased by 7.0% compared to last July. This might be indicative of various factors, such as market seasonality, buyer hesitation, or economic conditions affecting the willingness to close deals.

Days on Market and Days to Close

The total time a property spends on the market, including Days on Market and Days to Close, was 71 days for July 2023. This is 17 days longer than in July 2022. Specifically, the Days on Market were 39, and Days to Close were 32. The extended period suggests that homes are taking longer to sell and that buyers are taking their time in making purchase decisions.

Months of Inventory

The Months of Inventory for July 2023 stood at 2.6, which continues to indicate a seller's market, although less so than in previous periods. Lower months of inventory typically signify a more favorable market for sellers, as there are fewer homes available to meet buyer demand.

Conclusion

While the market shows some signs of slowing compared to July 2022, it still largely favors sellers with a low Months of Inventory figure. However, the decline in Closed Sales and an increase in the total days a home spends on the market could mean that buyers are becoming more cautious. As a brokerage, we recommend closely watching these trends to understand better when to buy or sell.