July 2023 Market Trends

August 4, 2023

Real Estate

July 2023 Market Trends

Introduction

Welcome to our latest blog post, where we delve into the ever-evolving landscape of the real estate market in the vibrant Dallas area. As the heart of Texas, the Dallas area has long been known for its dynamic blend of culture, business opportunities, and a thriving economy. However, like any metropolitan area, its real estate market experiences fluctuations and trends that can significantly impact buyers, sellers, and investors alike.

In this post, we'll take a comprehensive look at the current trends shaping the Dallas real estate scene. Whether you're a first-time homebuyer looking to settle down, an investor seeking promising opportunities, or a seasoned homeowner considering selling, understanding these trends is vital for making informed decisions. Join us as we explore the factors influencing the housing market, from the influx of new residents to the impact of economic shifts on property prices. We'll also examine the latest data on home sales and inventory levels, enabling you to gauge the pulse of the market and identify potential opportunities.

From upscale neighborhoods brimming with luxury estates to up-and-coming areas ripe for investment, Dallas offers a diverse range of real estate options. So, whether you're looking to call this area your home or tap into its promising investment potential, this blog post will equip you with valuable insights and expert analysis to navigate the Dallas real estate market with confidence.

Read on to discover the prevailing trends, challenges, and opportunities that define the current state of real estate in Dallas, and gain the knowledge you need to make wise and rewarding decisions in this fast-paced and exciting marketplace. Let's dive in!

Statistics for Cities we Serve in the Dallas Area

Merit Homes serves many cities, so we like to provide a snapshot of each individual market. All statistics are comparisons to the market in July of 2022. 

Prosper

Average Listing Price: $969,870

Average Sale Price: $930,553

Average Price/SQ. FT.: $262

Average Number of Days on Market: 49

Homes for Sale: 232

New listings: 105

Pending Sales: 79

Celina

Average Listing Price: $731,852

Average Sale Price: $698,360

Average Price/SQ. FT.: $241

Average Number of Days on Market: 46

Homes for Sale: 283

New listings: 152

Pending Sales: 118

Frisco

Average Listing Price: $876,745

Average Sale Price: $799,593

Average Price/SQ. FT.: $245

Average Number of Days on Market: 21

Homes for Sale: 488

New listings: 310

Pending Sales: 164

McKinney

Average Listing Price: $618,680

Average Sale Price: $573,016

Average Price/SQ. FT.: $229

Average Number of Days on Market: 29

Homes for Sale: 483

New listings: 318

Pending Sales: 233

Plano

Average Listing Price: $598,497

Average Sale Price: $582,857

Average Price/SQ. FT.: $230

Average Number of Days on Market: 20

Homes for Sale: 408

New listings: 308

Pending Sales: 181

Anna

Average Listing Price: $456,941

Average Sale Price: $409,918

Average Price/SQ. FT.: $190

Average Number of Days on Market: 45

Homes for Sale: 161

New listings: 72

Pending Sales: 50

Melissa

Average Listing Price: $554,292

Average Sale Price: $538,830

Average Price/SQ. FT.: $207

Average Number of Days on Market: 49

Homes for Sale: 178

New listings: 80

Pending Sales: 63

Looking to Move? 

Interested in a new place to call home? These statistics allow our clients to compare and contrast the market in different cities they may be interested in. Make sure to take into account the city itself, its school district, how developed it is, and the neighborhood/community you want to live in. All of these factors play an important role in numbers such as average listing price and average sale price. 

Collin County

When examining local statistics, it's also beneficial to look at the county as a whole, and compare it to what's going on in your city. Some cities will have more of an impact on these statistics (e.g., higher averages, etc.). While we don't include statistics for all of the cities that comprise Collin County, we like to provide our clients with a general overview. 

Average Listing Price: $623,930

Average Sale Price: $593,855

Average Price/SQ. FT.: $223

Average Number of Days on Market: 31

Homes for Sale: 2,983

New listings: 1,786

Pending Sales: 1,156

Questions?

We're always here to answer your questions about the market. At Merit Homes, we know that regardless of what is going on in the market, providing our clients with all of the information is crucial. Our agents are well-equipped with the necessary knowledge to answer any questions you may have about your local market. Give us a call today! 


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