The October Housing Report is Here!

Tarrant County

The median selling price is up slightly from last month.  Currently, there is 2.2 months of inventory available on the market.  A balanced market is 6 months worth.  We are still short on inventory, which has improved from earlier in the year.  This shortage is because there are more buyers than available homes, which in part can be contributed to not enough homes being built over the last 15 years. It will still take some time to catch up, but it is slowly improving.

Denton County

The median selling price increased by $12,000, and we're sitting on about 2.5 months of inventory.

What Does All This Mean?

In summary, homes are still selling.  If priced correctly and marketed well, homes are still going under contract in about a month's time. Overall, homes are still maintaining their value.  We just aren't see the increases like over the past year and a half, which is not a bad thing.  

Buyers have more negotiating power than earlier in the year.  The interest rates are higher, which is causing there to be less competition.  There are programs offered by lenders that may fit your budget, so don't just assume that because rates are higher that you are pushed out of the market.  There are options!

Even though buyers have more power now than earlier in the year, it's still a seller's market due to lack of inventory, but we are seeing the shift in this cooling market.  If you are thinking of selling, now is still a good time.  If you wait and interest rates keep going up, you may run the risk of your buyer pool shrinking more.  

Although interest rates rising is frustrating for many, this market is making a shift to be a healthier, more stable market.