Housing Demand Remains High, But Picky Buyers May Slow Market
The slew of people pouring into the Dallas-Fort Worth area is keeping housing market prices high, real estate agents say.
But an evening-out process is slowly forming.
Prices per square feet in Preston Hollow remain near $300, and Park Cities boasts prices greater than $400 per square feet.
Despite those high prices, a combined 137 houses were sold in March alone.
This shows the popularity of North Texas, thanks largely to the area’s continuously growing job market.
“Demand will remain elevated given the influx of people moving to the Metroplex, and properties at lower price points are obviously moving the fastest,” said Marti Voorheis, an agent with Dave Perry-Miller Real Estate.
A strong 2018 in the real estate market comes after a market correction, agents said.
The market experienced a period of inflation – especially in the Dallas-Fort Worth area – where sellers could name their prices, because of the number of transplants heading to Texas for jobs.
But conditions are changing. There’s less of a “desperation” for homes, and buyers are becoming pickier, Voorheis said.
“Prices continue to increase overall, but have slowed since last year,” Voorheis said. “The issue is that the supply is low – at less than three months – and buyers are looking for perfection.”
Lots continue to be scarce in Preston Hollow and Park Cities, though.
Dirt lots in Highland Park can end up costing a buyer nearly $6 million after constructing a house, and older homes are getting renovated at a much higher rate to keep up with property values.
