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North Texas Real Estate Market Far Outpaces Rest of State

Average price in North Dallas rises 16%

Strong job creation and a 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 North Dallas market area continues to see growth in sales, according to the MetroTex Market report. Highlights of the report include:

  • There were 39 sales of single family homes in North Dallas in January, a 28% increase from January 2015.
  • The average price per square foot for single family homes in North Dallas was $236.
  • The average sales price in North Dallas in January was $879,790, an 16% increase over last year.
  • There are 41 homes under contract and waiting to close.
  • Houses are selling in an average of 48 days.
  • There were 207 homes on the market in Mesquite in January.
  • There is approximately 3.5 months inventory in the area. Less than 6 months inventory is considered a 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.

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Tuesday, February 9, 2016