Dallas, TX Real Estate had a very strong year in 2014 with both median and average prices rising and average selling times down considerably from previous years. The main driver of the market was the short supply of homes for sale relative to the strong demand. As the economy in Dallas remains strong and companies continue to relocate to North Texas from other higher-cost areas of the country, real estate prices for single family homes in Dallas, TX will likely continue to rise in 2015.
Summary of the 2014 Real Estate Market for Dallas, TX (Single Family Home Sales in the city limits of Dallas, TX):
- The median sales price for a single family home in Dallas, TX ended at $280,000 for the year. Median prices rose as high as $287,714 in May. The average sales price for a single family home in Dallas, TX ended at $386,273 for the year. The average price rose to as high as $396,702, also in May.
- The median price of a new-construction home in Dallas, TX ended at $793,970 for the year and rose to a high of over $800,000 in April. The average price of a new home was around $864,000.
- The median sales price per square foot ended the year at $128 but rose to a high of $133 in June, which was an all-time high. The average price per foot ended the year at $143 but also rose to an all-time high of $146 in May of 2014. The median price per foot for a new-construction home ended the year at $217 which was the highest level of the year (and also an all-time high). The average price per foot for a new home also ended the year at $217, just short of the high of $228 set in February.
What was the median and average original list price of a single family home in Dallas, TX?
- The median list price of homes in Dallas, TX ended the year at $248,500, down from the high of $319,000 in May. The average list price ended the year at $396,100, down from the high of $514,000 in March.
- The median list price of a new home in Dallas, TX ended the year at $810,000, down from the high of $999,000 in June. The average list price ended the year at 1.08 million, down from the high of 1.33 million in March.
How long did it take to sell a home in Dallas, TX?
- The average single family home in Dallas, TX was on the market for 60 days in December, which was up from 37 days in July. This is a typical seasonal increase in days on market from warmer to colder months of the year. Overall, homes sold slightly quicker on average in 2014 than 2013.
- The average new home sold in about 85 days in December, up from a low of 37 days in July. New homes can take longer to sell than pre-existing homes on average, but that is often due to their higher price point.
What was the average percentage of the listing price that homes sold for in Dallas, TX?
- The average home sold for between 95% and 96.8% of its original list price. The lowest average was in the winter months and the highest average was in the spring and summer months. Homes sold for 96.8% of their original list price, on average, in both April and August.
- The average percentage for new homes was slightly higher than pre-existing homes for most of the year.
How many months supply of home inventory was on the market in Dallas, TX?
- Dallas finished the year with only 2 months of inventory on the market in December which was the lowest level of the year. For most of the year, inventory levels remained in the high two month to low three month range, which is very low. A "normal" market typically has around six months of inventory, so this shortage will likely continue to drive up prices in 2015 if it remains low.
How many active home listings were on the market in Dallas, TX?
- Dallas ended the year in December with only 1,390 active single family home listings on the market. The number of active listings often drops to its lowest point in the winter months, particularly between Thanksgiving and Christmas. The highest number of active listings was 2,212 in August.
- Since home prices have been rising steadily in Dallas for the last few years, the number of active listings of homes under $100,000 has dropped to only around 200-300 per month. As prices continue to rise, this number will likely continue to decrease.
How many new listings were put on the market in Dallas, TX?
- Between 551 qand 1,169 new listings came on the market each month in Dallas in 2014. As expected, the lowest number (551) was in December and the highest number (1,169) was in May. The number of new listings commonly increases in late winter and peaks in the spring.
- There were fewer than 100 new listings of new-construction homes that came on the market each month in Dallas. The highest number occurred in October (62) and the lowest in May (29).
How many pending home sales were there in Dallas, TX?
- Both March and May had 847 pending sales. The fewest occurred, as expected, in the winter months with 504 in December. A pending sale is a sale that is under contract and expected to close.
How many home sales closed in Dallas, TX?
- The busiest month for closings in Dallas, TX was June with 845 closings. The lowest number of closings was in January with 437. A total of roughly 8,300 sales of single family homes closed in Dallas, TX in 2014.
Disclaimer: All data provided by NTREIS and Dallas Real Estate Market Charts powered by 10K Research. Information deemed reliable but not 100% accurate.