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Dallas-Fort Worth real estate market is red-hot this summer

Dallas-Fort Worth real estate market is red-hot this summer

522 Monte Vista house for sale Dallas
Homes are going quick in DFW, one of the hottest markets in the country. Photo by Shoot2Sell Photography

Hot, sizzling, scorching — whatever you want to call the real estate market right now, Dallas-Fort worth is it. And Realtor.com agrees, putting DFW (plus Arlington) nearly at the top of its "Hotness Index" during what it's identifying as a record-breaking August.

The real estate website says that home listings are staying on the market for a median 72 days — two days faster than this time last year, but four days slower than last month. In Dallas-Fort Worth-Arlington, that number is only 41 days. That's actually one day faster than in July.

That impressive stat earns us the No. 2 ranking, behind Vallejo-Fairfield, California, and its 37 days. This is the fourth month that the California area has been at the top of the list.

“Summer 2016 was one of most competitive buying seasons that we have ever witnessed, fueled by historically low mortgage rates and inventory shortages that resulted in record-high prices," says Realtor.com's chief economist, Jonathan Smoke.

One other Texas city lands in the top 20, and it's kind of a surprise. Waco, which has been a no-show up until now, is No. 8. Homes in Waco stayed on the market for a median 47 days in August, and a quick 36 in July.

Realtor.com also points out that the median list price for homes across the country was $250,000, which is 8 percent higher than one year ago and virtually the same as last month. That's a new peak for August. Even with an estimated 475,000 new listings coming onto the market in August, the total national inventory remains considerably lower than one year ago.