Here’s what the numbers have to say about the future of our market.
Right now, the main question we receive is, “When is the Dallas/Fort Worth real estate market going to crash?” Considering how crazy things have been recently, we understand the concern. That’s why today, we want to take a look at the numbers and give you our take on whether or not our market is crashing.
It’s no secret that our market has been on fire lately. Housing prices in the Dallas and Fort Worth areas have increased by 26.3% since 2019. This has caused some talking heads to suggest we are heading for a crash soon; however, they never give any data to support their claim. If we understand what a housing crash is, we should be able to tell if one is right around the corner by looking at the numbers.
Most of the time, when we hear terms like “market crash” or “housing bubble,” our minds immediately go to the crash in 2008. In this crash, prices plummeted, and there was a wave of mass foreclosures. Fortunately, we don’t think you have to worry about a crash like that anytime soon.
“Our current market isn’t anything like it was in 2008.”
According to Texas A&M’s Real Estate Research Center, Texas’ housing market remains healthy. We continue to see home prices grow year over year by 13.3%. On top of that, the average days on market is 22 in Fort Worth and 23 in Dallas. One of the biggest issues in the 2008 crash was a wave of foreclosures devaluing homes. Today buyers are not having trouble paying their mortgages, and a wave of foreclosures is extremely unlikely.
Going into 2022, we expect housing demand to remain strong while inventory will remain low. We will likely see an increase in inventory next year when compared to 2021, but we still expect to see a strong seller’s market. If you’ve been waiting for a crash to buy a home, don’t wait. The crash isn’t coming anytime soon, and our historically-low interest rates are only going up.
If you are looking to take advantage of our strong market, please give us a call at 214-612-7610. We would love to help.
