Addison and Far North Dallas continue to experience a very active housing market this spring, with average home prices up nearly 25% over last year.
“The second quarter is shaping up to be very exciting for the Addison and Far North Dallas area,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”
“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “Across North Texas, we saw a 15% increase in the number of sales over last April. With nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”
Prices do continue to rise as the demand for housing continues to be strong. Addison and Far North Dallas saw price increases in all types of housing, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:
- There were 102 sales of single family homes in Dallas-Fort Worth in April.
- The average price per square foot for single family homes in the area is $165, a 15.3% increase.
- The average sales price in Addison and Far North Dallas in February was $426,250, a 24.7% increase over last year.
- The market for townhomes and condos was also active in the area: the average price per square foot for a townhome was $154.
- Most homes sell for 98% of list price when sold through a MetroTex Realtor.
- There is approximately 1.6-2 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.