Collin County Real Estate Demand & Prices - Up, Inventory - Up
The Dallas-Fort Worth real estate market in November 2022 was truly eventful. After months of barely 30 days of inventory, new listings are on the rebound by as much as 117% with a 2.4 month supply. In the midst of this, average home prices are still soaring, up 9% YoY!
November 2022 has proved a challenging time for buyers and sellers, inflation levels have reached over 34%, as a result, the Federal Reserve raised interest rates by three quarters of a percentage point in October, the largest interest rate hike since 1994. Higher real estate prices, combined with rising interest rates have tempered sales, resulting in almost 30% fewer sales overall, since the same time last year.
But, in spite of the rising prices and interest rates, the increased inventory has been a bonus for buyers, who now have more selection. Listings are averaging just 44 days on the market before selling.