North Texas Real Estate Market Report: July 2021
This summer has surely been HOT, but not as hot as the real estate market here in North Texas. Seriously. We have compiled some stats and facts from the July 2021 Monthly Indicators Report, courtesy of North Texas Real Estate Information Systems, Inc. (NTREIS).
Here are some insights:
Despite the number of New Listings in North Texas actually being 5.1% lower year-to-date than 2020, New Listings in July 2021 have increased by 5.6% from the previous year. Seems to be a good sign, right? For the sake of homebuyers, this happens to be the only beneficial stat for you in this report, unfortunately.
Homes for sale are selling more swiftly than ever, with a dramatic 59.2% decrease from the previous year...averaging only 20 days on the market until a sale! Even this year, as a whole, has a dramatic decrease, dropping from an average of 55 days on the market in 2020 to 29 days in 2021. This is absolutely fantastic news for property owners looking to sell their property at lightning-fast speed.
Property owners can continue to rejoice, if they are looking to sell and make some serious profit. The median sale price for a home in July 2021 has skyrocketed to $335,000, up 17.3% from the previous year. Yes, it’s a solid time to sell for profit, but if you don’t plan on selling, your property taxes might take a substantial climb this coming year when County Appraisal Districts set their property valuations.
If you happen to see a 5-15% increase in your property’s taxes, don’t worry! The tax professionals at Texas Tax Protest are here to protest your 2022 property taxes to make sure you receive a fair valuation on your home, thus lowering your tax bill (and your mortgage).
See the Top 10 Reasons to Protest here.
The last alarming stat we bring to the table is the oh-so-low Inventory of Homes for Sale in the month of July 2021 compared to previous years. The number literally dropped by over half the amount available last July (51.4%, to be exact). This just goes to show that the demand for homes in the North Texas area is so much higher than the supply at this time, and it has been this way all summer long.
As property values continue to rise dramatically and the amount of available homes for sale are dropping AND selling at a more rapid rate, this makes the North Texas real estate market a very aggressive and adapting environment. Just don’t forget, Texas Homeowners, to be weary of your property’s taxable value and keep a watchful eye on how the CAD assesses your property at the beginning of the year.
It’s important to know that we are always here to help. We also live, work, & own property here in the Lone Star State, so we understand the struggles and hurdles that the appraisal district can potentially make you jump through.
Every property owner DESERVES a fair valuation, and our goal at Texas Tax Protest is to make sure we can help you achieve that. We take the hassle out of trying to protest on your own and we handle it all on your behalf. It’s also a huge plus that if we don’t save you any money on your tax bill, you don’t owe us anything!
Learn more about what we do and how we can help save you money on your tax bill here.
