Merry Christmas & Happy New Year
As we’re getting ready to say goodbye to 2023 and welcome 2024, we wanted to wish each of you a very Merry Christmas and a Happy New Year!
2023 recap: This year, we saw many changes in the real estate market. The rising mortgage rates slowed down the real estate market considerably. This year marks the first year in over a decade that we show a decline in YoY median pricing. The 30-year mortgage rate peaked the week of October 26th at 7.79% for the average. Higher mortgage rates decreased the demand due to affordability. This did not however bring on a huge decline or glut of inventory. Housing supply continues to be low as many have chosen to stay in their current mortgages with low interest rates and new construction continues to lag behind demand. Particularly in Texas, new construction has kept housing strong and the price declines have only been more of a slight leveling of the market. Below you can see the median prices in Denton, Collin, Dallas, and Tarrant Counties for the year (seasonally adjusted) Each county is down from last year except for Dallas County which is flat.
Denton County
$455,000 | -0.9%
Collin County
$505,000 | -2.9%
Dallas County
$355,000 | 0.0%
Tarrant County
$349,000 | -1.7%
The number of sales has been down for 2023 with decreased demand and affordability.
Denton County
14,271 | -3.6%
Collin County
14,971 | -0.5%
Dallas County
20,355 | -16.0%
Tarrant County
22,427 | -12.2%
We will continue to keep abreast of the changes in housing in 2024. Recent declines in mortgage rates have shown an uptick in housing activity. We appreciate our clients and those who have trusted us with their appraisal needs. We wish you a wonderful holiday time with your family and friends. Our office will be closed on Christmas Day and New Year’s Day. We look forward to continue serving you in 2024.
About The Author
Shannon Slater
Shannon is a Certified Residential Real Estate Appraiser and serves as the Vice President of the DW Slater Company. She joined David at the DW Slater Company in 2006. Shannon graduated Cum Laude from the University of North Texas with a BA degree. Prior to joining the DW Slater Company, she was an Elementary School Teacher for the Pilot Point Independent School District. Shannon is an FHA Certified Appraiser. Shannon is a designated member of the National Association of Appraisers and a member of the Association of Texas Appraisers. In her free time, Shannon enjoys spending time with her family, singing in a local church choir, and tandem cycling with her husband.
You’ve been such a great resource to everyone in your market this year, Shannon. Good luck in 2024!
Thank you so much! I really appreciate it! Wishing you a fantastic New Year!