Oak Cliff home prices increased in August, in contrast to weaker regional sales figures in July, according to the August 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“August was an exceptionally busy month across North Texas,” said Russell Berry, president of MetroTex. “We’re seeing strong increases both in terms of number of sales and in dollar volume. Prices are up and maintaining enough available housing stock remains our biggest challenge.”
According to the report, 142 homes were sold in Oak Cliff in August. The median price for Oak Cliff area homes increased both in North Oak Cliff (up 9.4 percent) and in South Oak Cliff (up 10.9 percent) year-over-year during the same time frame.
Dallas Oak Cliff’s monthly housing inventory was less than 2 months in August. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 32-41 days on the market in August. There were 212 active listings for the Oak Cliff housing market during the same time frame.
August 2016 North Oak Cliff
- 104 – Homes sold, 1.9 percent lower than August 2015.
- $155,950 – Median sales price for homes, 9.4 percent more than August 2015.
- $203,911 – Averagesales price for homes, a 1.6 percent increase over August 2015.
- 32 – Average number of days homes spent on the market in August 2016.
- 1.9 – Estimated months of housing inventory in August 2016.
- 167 – Active home listings on the market in August 2016.
- $131 – Average price per square foot, up 4.0 percent.
August 2016 South Oak Cliff
- 38 – Homes sold, 8.6 percent higher than August 2015.
- $122,000 – Median sales price for homes, 10.9 percent more than August 2015.
- $119,895 – Averagesales price for homes, a 12.7 percent increase over August 2015.
- 41 – Average number of days homes spent on the market in August 2016.
- 1.4 – Estimated months of housing inventory in August 2016.
- 45 – Active home listings on the market in August 2016.
- $71 – Average price per square foot, up 20.3 percent.
The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.