With Surging Prices, The DFW Housing Market Has 'Red Hot' Momentum Going Into 2021
NORTH TEXAS (CBSDFW.COM) - Not even the holidays can slow down the housing market in DFW right now. Many realtors tell CBS 11 News that out-of-state buyers are driving the demand.
Realtor Marie Bailey is familiar with the lure of Texas. The California native moved here three years ago and now focuses on buyers from the Golden State. "I specialize in Californians moving here," said Bailey. "I would say 99.9% of my clients are from California moving to Texas."
She leads a Facebook group dedicated to the subject with 24,000 members and counting. Bailey says the pandemic and lockdowns in other states have families on the move. "There's a lot of demand right now. Last week when I took out some clients there were lines out the door for looking at some of the houses."
Realtor Marvin Jolly chairs the Texas Association of Realtors. He says out-of-state buyers are drawn to the cost of living, strong school districts and entertainment attractions in North Texas. "The demand in the area is just off the charts," said Jolly. "Meanwhile the supply is also at a record low."
The numbers agree. According to the Texas A&M Real Estate Center, the average sales price of homes in DFW is up almost 16%, while the number of active listings is down 44%. The numbers are even more extreme in Collin and Denton counties, where inventory is at the lowest levels in at least a decade.
Realtor Katherine Meyers says these days it's not unusual for homes in that area to receive half a dozen offers or more. She says her buyers recently lost out on a home that received 37 offers in the first day on the market. "It's pretty extreme," said Meyers. "I have a lot of buyers that are siting and waiting because they can't compete."
Jolly says it's definitely a seller's market right now. "It's kind of like winning the lottery right now for sellers."
It's not just existing homes selling fast right now. The realtors say new homes are also in demand, with many builders scheduled out close to a year or more.
