Residential real estate prices have reached unprecedented levels in some North Texas areas while supply continues to be extremely limited for home buyers.
The price per square foot of single-family homes sold in North Texas reached an all-time high of $189 — up 21% from December 2020.
While home prices soared, the limited inventory is the key reason for a 3% decline in number of homes sold in North Texas compared to December 2020.
According to 2022 MetroTex President Taylor Walcik the vast separation between supply and demand could continue to slow the sales figures and flatten the price increases.
“Sales prices probably aren’t going to come down drastically in 2022 but they could begin to flatten out”, said Walcik. “The supply shortage may cause prospective home buyers who don’t want to continue open bidding on properties to delay their home purchase to see if the pricing will flatten out and hopefully see more listings in the 2022 selling season this Spring and Summer.”
Over 75% of the sales in North Texas are priced between $200,000 and $600,000 while the number of listings in the same price point makes up 63% of the active market.
At the end of December there were 7,250 active listings throughout the coverage area of the local MLS (North Texas Real Estate Information Systems). The number of active listings represents a 20% decline compared to the same time last year.