If you love real estate market stats here are the latest from Capital Title of Texas for November 2022 in the Dallas, Texas area. Let's look at Preston Hollow, Midway Hollow, Highland Park, Devonshire/Briarwood to see if these areas are in a buyer or seller market.
To do this we look at months of inventory. Typically if there is 7 months or more we say it's a buyer market. 5-6 months of inventory we call a balanced market and 4 months or less is a seller market. All 4 of these highly sought after areas have less than 4 months inventory. This is keeping it in the seller market category.
Let's back that up even further with looking at price vs. original list price and all 4 areas that have sold homes are within 5% of getting 100% their original list price. 3 of these Dallas areas are showing less than 30 days on the market with Highland Park showing an average of 37 days on the market. This tells me 2 things. The homes that have sold were priced close to what they should have been from the beginning. This is an important factor when listing your home. Pricing right from the start is key to getting your home sold. Second, given the average price points and days on market as a combo, it shows that buyers who were interested in that house were motivated to make a decision. The old slogan "if you snooze you lose" comes to mind.
No matter where you want to live, it's important to get the facts about that area. National news can provide insights but local information from a local Realtor is key to keep expectations in check whether buying or selling real estate.
Jill Elliott is a Broker Associate with @properties Christie's International Real Estate in Dallas, Texas. She specializes in residential real estate in all areas of Dallas/Fort Worth such as Frisco, Plano, Dallas, Midway Hollow, Carrollton, Highland Park, Allen to name a few. She can be reached at 469-500-1300, JillElliotthomes.com and [email protected]