In most areas of Dallas, market growth is booming. While most cities in the United States typically see between 2% to 5% annual growth rates, Dallas is projected at about 8% growth per year. The market came back with a strong rebound after the collapse. The median home value went from a meager $93,000 in 2011 and is projected to reach nearly $170,000 sooner rather than later.
While the growth rates are very high and the market is one of the healthiest in the country, it’s also a cold market. This is much better for buyers than it is for sellers. About 19% of Dallas homes sell at a price cut. While less than 2% of these homes are selling for less than their previous sale price, the buyers simply aren’t there. This means that the few buyers who do come in are only interested in the very best homes, and they’re in an ideal position to significantly talk down prices.
Homes can and do sell, but the circumstances are often to a homeowner’s dismay. If your home is modern and in great shape, the right buyer will come along eventually. If your patience is running thin or if your property needs some serious work, it may be time to investigate other options.