Despite continuing record low interest rates, the DFW market is rumbling with news of a market slow down. Is it true? What are the factors at play? Things like "buyer fatigue" setting in, after a
August Market Update - Carrollton
Dated: September 15 2021
Despite continuing record low interest rates, the DFW market is rumbling with news of a market slow down. Is it true? What are the factors at play? Things like "buyer fatigue" setting in, after a full summer of hustling at bidding wars and losing over and over again has buyers taking a step back and rethinking their strategies, maybe committing to extend a lease in the meantime. Simultaneously, sellers are often slow to move, and as the summer wrapped up, finally decided to give it a shot to cash in on their investment, causing the inventory to seemingly increase at a point in time. New home construction is taking a breather as materials become more available and prices stabilize, though they are still bogged down by a steep decline in labor availability, making timelines continue to stretch out. These are all legitimate observations, leading anyone not currently in the market to deduce that the market is slowing down. So is it?
To answer this better, we need to get more local - after all, real estate is nothing if it isn't based on location. Let's see how Carrollton is doing this month...
Located in the heart of the Dallas-Fort Worth area, the City of Carrollton is a vibrant corporate and residential community spanning three counties: Dallas, Denton and Collin -- a location that is "about 20 minutes from everything" including shopping, restaurants, nightlife and proximity to other neighboring major US cities. Carrollton is home to over 9,000 businesses, often drawn to its convenient location and support of a diverse local economy. Its residents are drawn to it for its small town feel despite being a big city, sense of community, varied and well rated schools, abundant parks, safety ratings and a high quality of life.
With a population of 141,493, Carrollton's home ownership ratio is at 59% of which the majority is held by married households.
If you have a nostalgic yearning, or a desire for the modern functional home, here you can find homes built in the 1950s, others still being constructed today, and everything in between.
Catering to a diverse population in a variety of facets from age, to education, professions and culture, Carrollton is home to an equally varied offering of homes, from bedroom communities, to condo living and even tiny-homes have settled here. While not the cheapest home buying option, Carrollton still maintains competitive, yet tempered home prices, compared to some of its neighboring cities.
As such, the draw to this city continues its steady and strong pace. This is a strong seller's market with STILL only 1 month of inventory available right now. Buyers from both the local and the relocation segments continue to flock to this established city within DFW, while homeowners are STILL slow to move, most often fearing they will be in the buyers shoes all too soon without an affordable home to move to.
The number of active listings actually declined across all price points to almost pre-summer numbers; not unusual for this time of year, but inconsistent with word on the street of increased inventory unfortunately.
The heat of end of summer deal-making continued its seasonal trend, steadily increasing as people look to get their families and children settled into the new schools and surroundings. But did prices come down? No. Prices continued to rise, now even more than before armed with stronger comparables; however the bidding price tag, the percentage above that new list price offered tapered off a little compared to the previous months, all in all still landing the sales prices a good amount higher than the same time last year (see numbers below). Sellers are still capitalizing on their home investments. Buyers may be happy to be bidding against 5-10 others compared to 40-50 the previous months.
Brought to you by Sherien Joyner, REALTOR®, GRI, Certified New Constuction Specialist
Carrollton Real Estate Statistics August 2021" width="800" height="2000" />
If you would like to know the stats for your city or neighborhood, send me a message with your request.
Sherien Joyner, REALTOR
When you need a guide on your real estate journey, Sherien Joyner is the right choice for you. With over sixteen years of experience as an executive in the advertising and marketing industry, Sherien ....