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Real estate investing can be daunting, especially when you’re just starting or thinking about diving in full-time. Whether you’re considering quitting your job to pursue real estate or simply curious if now is a good time to invest, understanding market trends is crucial. The Dallas real estate market is no exception. Here’s a breakdown of the current state of the market and some essential insights for investors.
The North Texas Real Estate Information Systems (NTRIS) provides valuable data on the Dallas-Fort Worth (DFW) area. Here are the key metrics to watch:
The average home price in Dallas has reached $382,000. This increase in average price affects investors, especially considering holding costs. In Tarrant County, the average price is around $300,000, with an average of 34 days on the market. Collin County, known for its higher prices and new constructions, sees homes on the market for about 53 days.
Texas operates almost like its own country with a GDP higher than Canada and South Korea. Despite some indicators pointing to a cooling market, the inventory is still low, suggesting room for growth. For instance, in 2018, the months supply of homes was 1.9, which was extremely tight.
Here’s what $200,000 gets you in various cities:
Longer days on the market mean higher holding costs. As an investor, you need to plan for this in your budget. Keep an eye on market trends and adjust your strategy accordingly.
Never fear data. It allows you to adapt whether the market is hot or cooling. Distressed sales happen regardless of market conditions. People will always face situations like death, divorce, or destruction, leading to opportunities for investors.
Navigating the Dallas real estate market requires a keen understanding of current trends and key metrics. With new listings on the rise, but pending sales declining, it’s evident the market is experiencing a shift. Despite a slight uptick in closed sales, the increase in days on market and the relatively low inventory levels suggest a mixed environment for investors.
While average home prices and holding costs are climbing, strategic data analysis and market awareness can help investors make informed decisions. Ultimately, whether the market is hot or cooling, opportunities will always arise for those prepared to adapt and leverage available information effectively.
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