North Texas Real Estate Market Report: June 2021
No matter what seems to be going on in the world today, the real estate market in North Texas continues to boom at a rapid pace. We’re here to deliver you some facts, metrics and insights from the most recent June 2021 Monthly Indicators Report, courtesy of North Texas Real Estate Information Systems, Inc. (NTREIS).
Let’s dive into it.
The inventory of homes for sale has dropped a whopping 60.5% in June 2021, compared to previous years. This is clearly due to an extremely high demand for properties in this area. Available homes for sale get scarce, thus driving up prices.
Since the demand for homes continues to soar, while the supply is not able to keep up, this totally makes sense why there is such a dramatic drop in the amount of time these homes are on the market. Hence the 61.5% decrease. Crazy stuff! Those in the market for a house in North Texas have to truly keep their fingers on the pulse (and on their pens to fill out that down payment check!).
The demand to buy a home is outstandingly apparent, as it is skewing all of these statistics. Median sales price has risen 21.7% since June of the previous year, well over the $300k mark. Those that already own homes are thus seeing a substantial increase in their homes’ assessed value, leading to an increase in their property tax bills. People looking to become first-time homeowners will have an even taller hurdle to overcome, as the cost for down payments, escrow, etc. is getting more expensive as home prices go up.
Well, well, well. Again, not a great stat to be seeing if you’re looking to buy your first home. The percentage being OVER 100% shows that homes are being sold, on average, ABOVE their original asking price. This is great news for those willing to sell their properties in this market, as they will get more in return for their investment.
Real estate always seems to have crazy trends in terms of supply and demand, but they are especially wild here in North Texas. Yes, home values are definitely increasing every year. Some years they increase at a more rapid rate than others, this being one of those years. As County Appraisal Districts begin setting their valuations for 2022, be weary that you might see some substantial increases on your proposed tax bill.
Don’t be alarmed by this! That is why Texas Tax Protest is here to help you. We protest your property taxes on your behalf to make sure your property receives the fairest valuation possible. TTP utilizes millions of real estate data records, as well as evidence you provide about your property, to build a strong case to reduce your valuation set by the county.
Want to know how we work and how we can make this a win-win situation for you?
