Talk to any Dallas/Fort Worth Realtor right now about the market and words like crazy, frustrating and unreal are being used to describe what they're seeing and experiencing.
But what’s happening that’s making everyone feel the real estate universe in Dallas is spinning so wildly right now?
We talked with a handful of experienced and successful DFW Realtors about the current market and this is what we’re consistently hearing:
• It's not uncommon for there to be 100 showings in a single weekend for a home that has been listed.
• There can be up to 100 offers for a home that's listed. That's not happening for every home but Realtors say it does happen frequently and nearly all homes are seeing dozens and dozens of offers.
• Houses are going for $100,000 and more over asking price. This is becoming common for listings.
Houses will go on the market on Wednesday, there will be an open house on Saturday, final offers are due Sunday and a winner is named on Monday.
Sound crazy? It is. But why is this happening? A few reasons:
• Housing prices in DFW have been going up for a while. Just in January, the median home price in Collin County was up 25 percent compared to a year ago, now topping out at $460,000.
• Inventory is scarce. In January, there were 0.5 months of inventory in Collin County, compared to 0.8 in January of 2021.
• Active listings were down 42 percent year over year in January in Collin County. There were 720 active listings in January 2022.
• More and more people are moving to DFW from areas where housing is more expensive.
Chloe Hancock, a Realtor with Ebby Halliday, said if a nice home is on the market for a week, it’s likely to get over 100 offers.
And what people are paying over market value is incredible, Hancock said.
“My mom (also a Realtor) had a listing in Frisco for $550,000, got an offer for $670,000 and a full appraisal waiver on day 2,” she said. “ If they're going to get an offer like that, it will happen early, but 100 offers is a great vanity metric."