With inventory at critically low levels in Cedar Hill, the housing market struggled in February. With no new construction adding to the supply of homes in Cedar Hill, consumers often had to choose between waiting to buy or looking elsewhere, 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 in Cedar Hill, supply still isn’t keeping up with demand. 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, just 30 homes were sold in Cedar Hill in February, a 42.3 percent decrease from 2016. The dollar volume of sales in the county decreased 27.3 percent year-over-year to $7 million. The average sales price increased 25.9 percent to $235,218.
Cedar Hill’s monthly housing inventory was 1.6 months 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 40 days on the market in February. There were 88 active listings for the Cedar Hill housing market.
- 30 Homes sold, 42.3 percent lower than February 2016.
- $202,500 Median sales price for homes, 27.4 percent higher than February 2016.
- $235,218 Average sales price for homes, a 25.9 percent increase over February 2016.
- 1.6 Monthly housing inventory in February 2017.
- 40 Average number of days homes spent on the market in February 2017.
- 88 Active home listings on the market in February 2017.
- $100 Average price per square foot for a single family home, up 24.4 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.