Inventory remains low and rapid price increases continue to be a factor in the Addison housing market. With no new construction adding to the supply of homes in Addison, median prices increased nearly 12.3 percent, according to the market report released today by the MetroTex Association of REALTORS.
“Across the region, we’re still seeing a severe lack of inventory in homes priced below $500,000,” said James Martin, president of MetroTex. “That pressure is driving sales prices higher and higher. In some areas, new construction rates are up significantly over last year, but we’re just not seeing that in Addison yet. It’s a double-edged sword. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area, but it does make the housing market very tight.”
According to the report, 13 homes were sold in Addison in February, a 7.1 percent decrease from 2016. The dollar volume of sales in the county increased 18.7 percent year-over-year to over $4.7 million. The average price in February was $634,708 up a stunning 27.8 percent from last year.
Addison’s monthly housing inventory was 1.0 month in February. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 33 days on the market in February. There were 16 active listings for the Addison housing market.
- 13 Homes sold, 7.1 percent lower than February 2016.
- $360,000 Median sales price for homes, 12.3 percent more than February 2016.
- $364,708 Average sales price for homes, a 27.8 percent increase over February 2016.
- 1.0 Monthly housing inventory in February 2017.
- 33 Average number of days homes spent on the market in February 2017.
- 16 Active home listings on the market in February 2017.
- $183 Average price per square foot for a single family home, up 14.9 percent year-over-year.
Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.