Dallas-Fort Worth home sales were surpassed in the first quarter by another Texas metro area.
What does it take to buy a home in North Texas? Four families describe the competition to find a home and win an offer in a highly-competitive seller's market.“Homebuyers and sellers in Texas have had a decade of high expectations, and that excitement isn’t going away, but it may be approaching a peak,” said Jim Gaines, a research economist with the Texas Real Estate Research Center at Texas A&M University, in a statement.
Dallas-Fort Worth had just 0.7 months of available inventory, with 6,865 homes available in the first quarter. A balanced market between buyers and sellers would have about six months of supply. In the just-completed quarter, D-FW real estate agents sold 22,409 homes, up just 0.5% from the same quarter last year, according to Texas Realtors. Houston-area agents sold 24,596 homes, up 10.4%.
D-FW homes sold for a median price of $376,500, up 21.5% last quarter. Houston-area homes sold for a median $321,623, up 16.7%, with San Antonio-area homes selling for $309,000 and homes in the Austin area selling for $500,000.“The demand for Texas housing continued its rapid upward trajectory during the first three months of 2022,” said Russell Berry, chairman of Texas Realtors, in a statement.
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