Average price in Arlington rises 12%

Strong job creation and hectic real estate market have pushed the North Texas real estate market to outperform the rest of the state by wide margins, according to the latest market data.

“The North Texas market is growing at a pace that far exceeds growth in any other area in Texas, and we brought in about 35% of January sales in the state,” said Russell Berry, president of the MetroTex Association of Realtors.

“In January, we saw a 20% increase in sales over last year. The other metropolitan areas don’t even come close to that kind of growth. Houston and Austin are pretty much flat compared to last year. San Antonio experienced about 6% growth.”

The Arlington market area continues to see growth in both the size of the market and in housing prices, according to the MetroTex Market report. Highlights of the report include:

• There were 256 sales of single family homes in Arlington in January, a 31% increase over January 2015.
• The average price per square foot for single family homes in Arlington was $87, an 8% year-over-year increase.
• The average sales price in Arlington in January was $183,560, a 12% increase over last year.
• There are 271 homes under contract and waiting to close.
• Houses are selling in an average of 41 days.
• There were 519 homes on the market in Arlington in January.
• There is approximately 1.5 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing 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.