Dallas Real Estate Update: Balanced Market Brings Opportunity for Buyers and Sellers
November 2024 brought a sense of balance to the Dallas real estate market. If you’ve been following the trends, this month’s numbers tell a story of stability and opportunity for both buyers and sellers.
The median home price rose to $462,500, marking an 8.6% increase year-over-year. For homeowners, this is encouraging—your investment is gaining value. Most of this increase is the new construction that is happening in Dallas by Comfort Homes. These are higher end homes that are pulling this median home price up.
On the inventory side, the story is nuanced. Active inventory increased significantly by 50.7% year-over-year, reaching 4.6 months of supply. This shift signals a more neutral market that doesn’t heavily favor buyers or sellers. But compared to November 2023, the number of homes for sale dipped 20.2%, indicating that while options are improving, inventory still isn’t abundant.
Median days on market came in at 57, slightly faster than last year. This means homes are still moving, but buyers have a bit more breathing room compared to the frenzy of previous years. Sellers are receiving 99.1% of their list prices, showing that fair pricing is key in this balanced environment.
What does this mean for you? If you’re buying, it’s time to explore your options with confidence, as inventory levels are more favorable than in past months. For sellers, pricing competitively is your best strategy to attract motivated buyers in this steady market.
This data came from the WVMLS and from Altos.