You might be expecting that with interest rates higher than last year but down from the high of 8%, that homes are taking longer to sell. The reality is that Dallas area homes sold faster in January 2024 compared to January 2023. For example, in the Dallas TX suburb of Frisco, the average days on the market went from 60 days to 40 days comparing January 2023 vs. January 2024. In another Dallas suburb, Plano, the average days on market went from 51 days to 38 days year over year in January. Dallas houses are selling faster in 2024, and faster than national averages!
While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal. The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com: “Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Mean for You? Dallas homes are selling faster than the norm for this time of year – and your house may sell quickly too. Home buyers are no longer waiting for interest rates to drop to the unrealistic rates experienced during the pandemic in the 2-3% range. Instead, Dallas home buyers recognize that as they have waited for interest rates to go down, Dallas home prices have only gone up! Savvy Dallas homebuyers also know that once interest rates do drop closer to the high 5% range, Dallas home buyer competition will skyrocket causing home prices to do the same.
Even now, there still aren’t enough homes to go around in Dallas. Mike Simonsen, Founder of Altos Research, says: “. . . 2024 is starting stronger than last year. And demand is increasing each week.” Bottom Line If you’re wondering if it’s a good time to sell your Dallas home, the most recent data suggests it is. The Dallas housing market appears to be stronger than it usually is at this time of year. To get the latest real estate trends in Dallas or any Dallas suburbs, reach out for the latest information.
