As we approach the end of 2024, the Dallas area real estate market is exhibiting several notable trends—moving toward a more balanced market for buyers and sellers.
Let’s look at Collin County:
1. Home Prices Stabilizing
After rapid growth, the Dallas area housing market is experiencing a slight moderation in home prices. In November 2024, the median close price in Collin County was $488,500, reflecting a 1.39% decrease year-over-year.
2. Increased Inventory Levels
The number of active listings is up significantly, providing buyers with more options. In November 2024, there were 4,702 active listings, a 69.3% increase from the previous year.
3. Extended Time on Market
Homes are taking longer to sell, with the average days on the market increasing to 44 days in November 2024, up from 36 days in 2023.
4. Interest Rates Influencing Affordability
High mortgage rates are impacting affordability, leading some buyers to delay purchases. However, the increased inventory and stabilized prices may present opportunities for those ready to enter the market.
5. Seasonal Market Dynamics
The holiday season often brings a slowdown in market activity. Sellers may be more motivated to negotiate, and buyers can take advantage of potential year-end deals.
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Economic Growth Driving Demand
The Dallas area continues to attract new businesses and residents, increasing the demand for housing. Driven by robust economic growth and a population surge, it has been recognized as the top U.S. metropolitan area for real estate investment and development in 2025.
Rental Market Adjustments
Rental prices in Dallas have declined, with a 4.3% decrease year over year for 0-2 bedroom units, bringing the median rent to $1,462.
Long-Term Investment Prospects
Despite short-term fluctuations, the Dallas area year-end market trends show a strong market for long-term real estate investments, supported by ongoing economic development and population growth.
Market Trends by County:
The Bottom Line
The Dallas area real estate market is transitioning towards a more balanced environment, offering opportunities for both buyers and sellers. Staying informed about these trends can help you make strategic decisions as the year concludes.
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