DFW Ranks No. 2 in US for Homebuying Surge

DFW ranked second in the country for having the largest year-over-year jump in existing home sales in January, according to a new report.

Dallas-Fort Worth saw the nation’s second-largest increase in home sales in January.

The DFW market ranked No.2 for the biggest year-over-year increase in home sales to start the year, according to the latest RE/MAX National Housing Report. Overall home sales in DFW were up 14.2% year over year, rising to 5,208 in January 2024 from 4,560 in January 2023.

Strong home sales in DFW proved to be a welcoming sign for the local market, suggests Mark Wolfe, president and broker/owner of RE/MAX DFW Associates.

“The spring market is arriving early in the Dallas market,” Wolfe said in an email to The Dallas Express.

“We have increased inventory, increased multiple offers, and homes once again selling above list. A tremendous improvement over 2023. There is still significant uncertainty in the economy, but people are moving forward with their real estate needs,” he added.

Other notable metrics for DFW during the month include a nearly 41% rise in new listings annually, a reduction in the average time on the market from 56 days to 55 days, and a steady 1.6% rise in home sales prices over the year.

For reference, the median home sale price in DFW was $381,103 in January, per the report.

Although DFW was a top market in January, the metroplex fell behind Salt Lake City, Utah, which reported a +20% increase in home sales year over year. The markets that DFW outpaced in January included Las Vegas (+12.4%), Des Moines, Iowa (+11.9%), and Bozeman, Montana (+11.2%).

“It was encouraging to see the surge in new listings, as January stats can be a sign of things to come,” said Nick Bailey, president and CEO of RE/MAX LLC, in the report.

“Potential buyers and sellers considering a move this year should prepare by securing a qualified agent who can help them understand the local market and help them through the process. If new listings continue to emerge and interest rates drop a bit over time, 2024 could be a year of great opportunity for buyers and sellers,” he explained.

Source: The Dallas Express