North Texas housing inventory is down 49 percent since 2019
The available housing inventory in North Texas has dropped to near half of what it was before the pandemic, according to a new report from Zillow.
Why it matters: While the supply of homes is down significantly, the demand for housing is way up. So prices are still climbing.
By the numbers: Zillow analyzes home values in an area using a metric the company calls the “Zillow Home Value Index,” a smoothed, seasonally adjusted measure of the typical home value across a region.
- The typical home value in the Dallas-Fort Worth area is $344,919, up 25.2% over last year.
- The cost here is about $25,000 above the typical price nationwide, according to the report. Though it’s still well below many other metro areas.
What’s happening: The available housing inventory has fallen 42.4% below pre-pandemic levels in Dec. 2019 — and down 24.0% since December 2020.
- The median time on the market is 17 days.
- Typical rent is $1,719, up %17.9 since last year.
What they’re saying: “Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. housing market,” Jeff Tucker, senior economist at Zillow, says in the report.
Zoom out: While owning is cheaper than rent in most parts of the country, that’s not the case in North Texas.
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