DFW Real Estate Market Update - January 2024OverviewAs we delve into the 2024 real estate market, it's crucial to understand the dynamics that are shaping the Dallas-Fort Worth Metroplex. Comparing
DFW Real Estate Market 2023: A Year in Review
Dated: January 29 2024
Home Sellers Achieve Significant Profits
In the Dallas-Fort Worth real estate market, homeowners who sold their properties last year witnessed considerable gains. The average gross profit on a typical sale was $112,527, a remarkable achievement despite being a slight decrease from the profits in 2022.
This profit was more than four times higher than what sellers made back in 2013, showcasing significant growth over a decade. The typical DFW seller had owned their property for almost seven years before selling.
National Context and Market Comparisons
When compared nationally, DFW sellers fared well with their average profit slightly lower than the national average of $121,000. Notably, areas with the highest property prices saw the most significant gains, with San Jose and San Francisco leading in home seller profits.
Market Dynamics and Future Outlook
The real estate market in 2023 experienced modest price gains, impacting the profit margins. According to Attom Data Solutions, DFW home prices saw a minimal increase of 1% to an average of $380,000, still marking a significant 48% rise from five years ago.
Looking ahead to 2024, market changes are expected to be minor, influenced by fluctuating interest rates and tight home supplies. The report suggests that home ownership costs will continue to be a significant factor for many households.
Distressed Sales and Investor Activity
In an encouraging sign of market health, less than 1% of DFW home transactions were distressed sales. Nationally, foreclosure sales were only 1.5% of residential transactions. The market also saw considerable investor activity, though a smaller portion of these purchases were by large institutional buyers.
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A graduate of the The University of Tulsa with a BBA in Finance and fifteen years experience in a corporate setting trading electricity and natural gas. David employs a tradition of excellence, trust,....
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