If the news confuses you on whether home prices are going up or down, you are not alone. We live in the information age where there is so much information out there, it's hard to know how it truly applies to you when you are ready to buy or sell a house in Dallas. You don't want to pay more than you should when buying a home. And if you're thinking of selling, you might be concerned about not getting the price you're hoping for. So, this may help cut through the confusion on what’s really happening with prices—whether you're thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, as home price appreciation is moderating. What is meant by "moderating?" It means that home prices are still going up, but they're not rising as fast in the recent past. Look at the 2023 to 2024 graph from Case-Shiller to see the shift.
But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand. You might be curious where prices will go from here. The answer still depends on supply and demand on each location or city across Dallas/Fort Worth. Nationally, there are more homes for sale but the rise is not high enough to meet current buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said: “. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.”
What else should you consider with regard to where homes prices will go? If mortgage rates continue to decline as many experts believe, it's highly likely that will bring out buyers that have been holding off on buying until interest rates drop. That increase in demand could make prices increase as housing inventory declines. Remember the law of supply and demand? That's why working with an experienced, full-time Dallas Realtor that can provide a local view, as real estate is always local, will be your best asset. Even from one Dallas neighborhood to another may vary from the national average or a suburban Dallas city like Frisco, Plano, or Prosper. Having access to local insights from a knowledgeable real estate agent, especially a Dallas Realtor that has experience in local real estate markets before the pandemic, will benefit you with more well rounded information based on past experience and likely trends from that experience. That is critical in today's market to ensure you price your home well and that you can find the right home that fits your budget and meets your needs. Bottom Line: home prices are still rising, just not as quickly as before.
Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.
