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September 2024 DFW Real Estate Stats

by Real Estate ArticlesResourcesStatsVideo

The real estate market across Collin, Dallas, Denton, Rockwall, and Tarrant counties showed varied trends in September.

Collin County experienced a significant increase in both new listings (up 21.7%) and active listings (up 49%) from the prior year, though the average sales price dropped by 3%, with closed sales seeing a notable rise of 7.8%.

In Dallas County, new listings were up by 11% and active listings by 39%, while the average sales price increased 3.4%, but closed sales fell by 2.1%.

Denton County also saw gains in new listings (up 13.5%) and active listings (up 33.2%), though closed sales dropped sharply by 11.9%, with a modest increase in average sales price of 1.1%.

In Rockwall County, new listings rose by 12.5%, and active listings by 35.5%, while average sales prices increased by 1.4%, but closed sales were down 4.3%.

Tarrant County was the only area to see a slight decline in new listings (down 1.7%), though active listings rose 26.3%, and while average sales prices were up by 2.9%, closed sales decreased by 7%.

The Fall market of this year should be an interesting time. Remember Republic Title is here to help!

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center and for NTREIS Local Market reports click here.

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August 2024 DFW Real Estate Stats

by ResourcesStatsVideo

In 2024, the North Texas real estate market has shown notable changes compared to 2023, with all major counties experiencing increases in new listings and active inventory.

In Collin County, new listings have risen by 11.7%, while the average days on market have increased significantly by 44%. Active listings in this county have surged by 46.5%, indicating a more favorable environment for buyers. Dallas County has seen a very similar trend, with new listings up by 11.8% and the average days on market rising by 46.4%. Tarrant County and Denton County have experienced smaller increases in new listings at 4.8% and 7.8%, respectively. The average days on market in this county have increased by 20.6% in Tarrant County and 12.8% in Denton County. An increase in active listings suggests a more favorable environment for buyers but longer days on market may mean that sellers need to adjust their pricing expectations.

A significant development influencing the market is the recent Federal Reserve rate cut announced on September 18th. This decision may have far-reaching implications for mortgage rates and overall buyer sentiment. As we approach the fourth quarter of this year, it will be interesting to see how this rate cut affects buyer activity and market dynamics in North Texas.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center and for NTREIS Local Market reports click here.

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July 2024 DFW Real Estate Stats

by Real Estate ArticlesResourcesStatsVideo

In July 2024, the real estate market in the DFW Metroplex displayed varied trends across different counties.  Overall, the DFW Metroplex saw a mix of rising listing activity and extended market times, with some counties experiencing price growth while others faced slight declines in sales.

Collin County saw significant activity, with new listings increasing by 27% and active listings surging by 46.1%. The days on market (DOM) rose to 39 days, marking a 25% increase from the prior year. The average sales price was approximately $580K, slightly down by 1.4%, while the average price per square foot rose by 1.3% to $228. Closed sales increased marginally by 1.2%, reaching 1,452 units.

In Dallas County, new listings grew by 14.9%, and active listings by 42.2%. The DOM increased to 37 days, up over 27% from the previous year. The average sales price rose by 8.7% to $575K, with the price per square foot also seeing a rise of 2.1% to $241. However, closed sales declined by 3.3%, totaling 1,797 units.

Denton County followed a similar trend, with new listings up by 11.9% and active listings by 26.8%. The DOM was 39 days, up 8.3% from the previous year. The average sales price increased by 1.5% to $578K, and the price per square foot rose slightly by 0.5% to $223. Closed sales remained nearly flat, with a slight decrease of 0.1%, ending at 1,274 units.

Rockwall County experienced a modest increase in new listings by 6.2% and active listings by 31.7%. However, the DOM rose significantly to 60 days, an increase of over 33% from the prior year. The average sales price increased by 11% to $537K, while the price per square foot went up by 3.7% to $197. Closed sales dropped notably by 17.5%, totaling 179 units.

In Tarrant County, new listings increased by 11.9%, and active listings by 30.5%. The DOM was 40 days, a 25% increase from the previous year. The average sales price was $454K, with the price per square foot at $201. Closed sales saw a slight rise of 2.1%, reaching 2,054 units.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center and for NTREIS Local Market reports click here.

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June 2024 DFW Real Estate Stats

by Real Estate ArticlesResourcesStatsVideo

In June 2024, the real estate landscape across various counties in the Dallas-Fort Worth area continued to show varied patterns.

In Collin County, there was a notable 9% increase in new listings, alongside a substantial 41.5% rise in active listings compared to the previous year. The average days on the market saw an 11% increase, while the average sales price slightly decreased to $593,841, and the average price per square foot dropped by 0.5%. Closed sales experienced an 8% decline from the prior year.

Dallas County observed a 5.6% growth in new listings, accompanied by a significant 38.7% increase in active listings year-over-year. The average days on market surged by 23.3%, while the average sales price decreased by 4.1% to $518,889. The average price per square foot, however, saw a slight uptick of 0.8%. Closed sales declined notably by 21.2% compared to the previous year.

In Denton County, new listings decreased by 6.2%, but active listings rose by nearly 25% from June 2023. The average days on market increased by 5.7%, while the average sales price showed a 4% uptick. The average price per square foot also increased by 4%, despite closed sales declining by 15% compared to the same period last year.

Overall, the real estate market in North Texas appears to be navigating through a phase of adjustment and recalibration in mid-2024. Monitoring these trends will be crucial to understanding how the market evolves in response to economic conditions and buyer sentiment in the coming months.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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April 2024 DFW Real Estate Stats

by ResourcesStatsVideo

In April 2024, real estate activity across North Texas showed distinct trends, both in similarities and differences.

New listings surged in each county, with Collin County experiencing an impressive 43% increase, followed closely by Denton County at 27%, Dallas County at 24%, Tarrant County at 22%, and Rockwall County at 2.8%.

While Collin County saw a notable 11% decrease in average days on market, Denton County experienced the most significant decline at 15%. Conversely, Dallas County witnessed a slight 8.3% increase, while Tarrant County remained stable.

Active listings soared across the board, ranging from a 22% to 44% increase. While we are still not in a balanced market, this higher inventory will help prospective buyers.

Dallas County boasted the highest average sales price at $569,264, marking a notable 10% increase, while Tarrant County saw a more moderate 4% rise, reaching $444,968.

In summary, the real estate scene in North Texas reflects the region’s rapid population growth. Recent data shows that Dallas-Fort Worth and Collin County have experienced significant increases in population, highlighting the dynamic nature of the market. Despite differences between counties, such as varied trends in listings and prices, the overall picture is one of resilience and evolution. Staying informed is key for navigating this ever-changing landscape effectively.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Property-Tax-Protest

How to Protest Your Property Taxes (and Win)

by Real Estate ArticlesResourcesVideo

The property tax protest deadlines are fast-approaching, so if you find yourself in need of help or don’t know where to start in protesting, look no further! Last week Republic Title sponsored a webinar with Candysdirt.com and PropertyTax.io on How to Protest Your Property Taxes (and Win) to help provide valuable information on protesting property tax appraisals. During this hourlong event, over 350 participants learned the basics of property tax appeals and had the opportunity to ask a property tax protest expert questions. If you missed the webinar, you can view the full recording below and read answers to the most-asked questions and biggest takeaways from the event.

Hosted by property tax expert Glenn Goodrich of PropertyTax.io and CandysDirt.com founder and publisher Candy Evans, the wide-ranging discussion focused mostly on how recent property tax reform will impact the property tax protest process.

Top Tips and Q&A from the Webinar:

Q: How do you request the 14-day evidence report?
A: You must provide the appraisal district written notice at least 14 days prior to your scheduled Appraisal Review Board hearing date. I recommend sending in a certified letter right after you file a protest. In the letter simply identify your property and state that you are requesting the evidence the appraisal district will use in the hearing.

Q: Does the circuit-breaker cap apply with investment properties?
A: Yes, the circuit-breaker applies to all non-homestead real estate valued at $5 million or less. This includes investment properties, second homes (i.e. lake houses), and all types of commercial properties such as retail strip centers, office buildings, and industrial facilities.  

Q: How does the appraisal district determine the value of recently purchased properties?
A: Texas is a non-disclosure state, which means an owner is not obligated to share their purchase price with the government. Many appraisals district do have access to sales information for internal purposes though through an arrangement with the MLS providers. Sometimes appraisal districts rely on their party data sources that provide them sales information. 

Q: What is the best way to get comps?
A: If you have not hired a property tax firm and want to handle the protest yourself, it’s probably best to contact a Realtor to provide you with a Comparative Market Analysis (CMA). A CMA is just a starting place though, be sure and pick the properties you think are the most similar and account for differences such as pools, living size, interior finish out, lot (interior vs. creek or backing to traffic), garage spaces, etc.

Q: What evidence works best in a protest?
A: As an agent, most of my cases are won using the “Sales Comparison Approach” where we discuss the best recent sales and how they compare to my client’s property. There is more wiggle room in this argument than most people realize. Besides using sales, photos, and estimates of legitimate issues that have a serious impact on your value (over $10,000) works well. Avoid showing normal wear and tear issues … that backfires and hurts your case for a reduction. 

Q: Can land value be protested?
A: In a protest, you can only protest the “Total Market Value” which includes both the land value and improvement value. In a vast majority of cases, you cannot parse out land value. You must prove the total value is too high. It is possible to be high on the land, low on the improvement, but overall correct on the total value. Stick to recent sales, photos, and estimates (see my answer above).  

Q: How do you confirm that your homestead exemption is valid?
A: You can verify your homestead is still on record by checking the appraisal district’s website. There is a section that discusses exemptions, and your homestead exemption should be displayed there. Your homestead exemption should be valid as long as your current driver’s license address still matches your site’s address and you are not claiming a homestead exemption on another property. 

Source: Top Tips From Our Property Tax Protest Webinar Featuring Glenn Goodrich of PropertyTax.io – CandysDirt.com

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March 2024 DFW Real Estate Stats

by Real Estate ArticlesResourcesStatsVideo

In March, there’s significant news across all reported counties: new and active listings have surged, particularly notable spikes seen in Collin and Denton counties. Despite this uptick in listing activity, inventory remains tight, with less than three months’ worth available.

Closed sales in Collin, Dallas, Denton, Rockwall, and Tarrant counties have seen an almost 10% increase each, except for Rockwall County, where there’s a notable decline of nearly 40% compared to the previous year. Additionally, noteworthy is the decrease in days on market across all counties except Dallas, where it has risen by almost 5% compared to last year.

Given the inventory challenges, it’s unsurprising that average sales prices have edged up slightly from the previous year, with increases of less than 5% across most counties. However, Dallas County stands out with a significant 14.9% jump in average sales price compared to 2023.

Even still, the spring and summer market is upon us and given that the DFW Metroplex is in the top 10 of people moving here, so it promises to be a busy selling season!

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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February 2024 DFW Real Estate Stats

by ResourcesStatsVideo

February 2024 showed positive trends in terms of increased new listings, active listings, and a decrease in days on market across North Texas. However, closed sales varied, with some counties experiencing notable declines. Additionally, while the average sales price increased in most counties, Collin County stood out with a slight decline. These variations indicate a dynamic real estate market with differing trends across different counties in North Texas.

  1. New Listings:
       – Overall Trend: All counties experienced significant increases in new listings compared to February 2023, indicating a surge in properties entering the market.
       – Notable Difference: Collin County saw the highest increase at 46.6%, while Denton County followed closely with a 38.6% increase.
  1. Active Listings:
       – Overall Trend: Active listings rose across all counties, suggesting growth in available inventory compared to February 2023.
       – Notable Difference: Dallas County had the highest increase at 30.9%, while Denton County had a notable rise of 20.6%.
  1. Days on Market:
       – Overall Trend: Days on market decreased in most counties, indicating properties sold faster compared to February 2023.
       – Notable Difference: Denton County experienced the most significant decrease at 12.7%, while Tarrant County saw a more modest decline of 1.9%. Rockwall County was an outlier with a 13% increase in days on market over February 2023.
  1. Closed Sales:
       – Overall Trend: Closed sales varied across counties, with some experiencing slight declines while others saw more significant decreases compared to February 2023.
       – Notable Difference: Denton County had the highest decline at 11.8%, whereas Collin County saw a slight decrease of 2.9%. Rockwall County was an outlier with a 3.9% increase in closed sales over February 2023.
  1. Average Sales Price:
       – Overall Trend: The average sales price increased in most counties, indicating a positive trend in pricing compared to February 2023.
       – Notable Difference: Collin County experienced a slight decline of 1.3% in average sales price, contrasting with the overall upward trend observed in other counties.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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January 2024 DFW Real Estate Stats

by ResourcesStatsVideo

January 2024 brought a surge in North Texas real estate listings, with Collin County leading at a 25% increase in new listings compared to the same period last year. Dallas County follows suit with a commendable 14% uptick, while Denton and Rockwall counties record rises of 12% and 32%, respectively. Tarrant County, while still showing growth, experiences a more modest increase of 6% in new listings. While days on market varied—Collin improved by 1.8%, Dallas increased by 9%, Denton dropped by 13%, and Rockwall rose by 6%—closed sales were up in all counties except Tarrant, which saw a 4% decrease.

In summary, the January 2024 real estate statistics paint a picture of a vibrant and dynamic market in North Texas. The surge in new listings signifies growing confidence among sellers, while variations in days on the market underscore the nuanced nature of local market conditions. Despite minor fluctuations, the overall trajectory remains positive, reaffirming North Texas as a robust hub for real estate activity.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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2023 DFW Real Estate Year-End Stats at a Glance

by StatsVideo

Our third annual stats report of the DFW real estate market is here!

We’ve taken our monthly stats-at-a-glance reports from January through December of 2023, totaled, averaged, and compared the data to the numbers from 2022.  The result is an annual report of the DFW real estate market in 2023.  

For more stats information, pdfs and graphics of our stats including detailed information by MLS area and condo stats, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.