The Dallas-Fort Worth area has seen a major boost in residential home sales over the past several years, and this upward trend is expected to continue in 2023. Home prices have remained relatively stable throughout the Dallas metropolitan area and are projected to remain that way into the coming year.
In 2023, one can expect to see an increase in both first-time home buyers and those relocating from other parts of Texas or outside the state. Many people are drawn to the region for its job opportunities, which include a variety of industries—from finance and tech to energy and healthcare—and its livable cities with plenty of entertainment options. Real estate agents report that properties are typically receiving multiple offers soon after being listed on the market due to high demand for homes in DFW.
Due to this increased competition, buyers may find themselves facing bidding wars as they try to secure their dream home. To help succeed in what has become an increasingly competitive housing market, it’s important for buyers to be well informed on all aspects of their purchase, including budgeting and financing options and understanding local zoning laws before going house hunting.
It’s also important for potential buyers to know that while prices have been steady across the region, there can still be some regional variations when it comes to both sale prices and average days on the market (DOM). Generally speaking, northern Dallas suburbs tend to be more expensive than southern areas like Arlington or Grand Prairie, but you can find homes within any price range depending on your budget and needs. DOM is generally shorter in urban areas where there’s more competition among buyers but slightly longer for rural properties.
Overall, 2023 promises exciting times ahead for DFW real estate as homebuyers take advantage of low mortgage interest rates coupled with a healthy housing market—making it a great time for those looking to buy or sell a property!