For buyers and sellers in the Dallas-Fort Worth real estate market, 2013 has been one of the busiest years in a long time. The first six months of the year saw home prices increase, and home owners who previously owned more than their Dallas homes were worth finally found themselves rightside up once again. And there's more good news.
Experts say that home values are likely to go up around North Texas in 2014. According to a recent report by the National Association of Realtors (NAR), Texas homes are expected to see value gains of 5 to 9 percent next year. That's compared to a 4 percent increase in the national median home list price in 2014.
The current median list price for Dallas homes is $335,000, nearly a $60,000 increase from the beginning of 2013. And should NAR's prediction come true, that would push the median home prices of Dallas homes to close to $360,000, an all-time high for the Dallas real estate market.
Cities around the Metroplex saw increased home values in 2013, including Dallas, Frisco and many others. The North Texas housing market has been, and continues to be, one of the hottest in the country despite other national real estate markets recording declines this year. For Dallas home owners, the news is all good.
According to the NAR report, Texas ranks with 16 other states that are poised to see high value growth next year. The Lone Star State joins other affluent business and real estate states like California and Washington that also made the list. And with prices likely to increase even more in 2014, there's never been a better time to purchase a Dallas home.
Despite mortgage rates ticking higher in recent months, buyers who are in a position to purchase now could be able to strike a well-timed deal. Sellers tend to be more motivated to sell at this time of year, so the opportunity to secure a Dallas home at a favorable price is likely better between now and the end of the year as well. And whereas the market was characterized by intense competition for much of 2013, the final few months of the year tend to be a time when buyer interest declines because of familiar obligations, the holidays, and so forth.
With home values poised to rise even more in 2014, there has never been a better time to consider becoming a Dallas home owner! Our Dallas real estate market update can provide you with a bevy of up-to-date information about the state of the market and assist you with your search. Sign-up today and it will be emailed to you automatically.
Working with a local real estate expert is perhaps the best way to navigate this busy market, and our team of local agents have helped countless buyers find the Dallas home of their dreams. Please contact us for assistance with all of your Dallas real estate needs!