Prices and sales volume continued to tick upward during the third quarter of 2016 in North Texas, according to a monthly housing market report released today by the MetroTex Association of REALTORS.
“September sales were on pace with a busy third quarter,” said Russell Berry, president of MetroTex. “With the market showing no signs of slowing, we are expecting a strong finish to the end of the year. It’s amazing to think that the average price is up nearly 45 percent from just five years ago.”
According to the report, 9,537 homes were sold in North Texas in August, an 11 percent increase from the year prior. The median price for DFW area homes increased 12 percent year-over-year to $225,000 during the same time frame. The average price in September 2016 was $277,440 compared to $192,039 in September 2011.
North Texas’ monthly housing inventory remained at 2.3 months in September. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 39 days on the market in September. There were 20,054 active listings for the North Texas housing market during the same time frame, a 3 percent drop.
- 9,537 – Homes sold, 11 percent higher than September 2015.
- $225,000 – Median sales price for homes, 12 percent more than September 2015.
- $277,440 – Average sales price for homes, a 10 percent increase over September 2015.
- 2.3 – Monthly housing inventory in September 2016.
- 39 – Average number of days homes spent on the market in September 2016.
- 20,054 – Active home listings on the market in September 2016.
The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.