Want to buy a house in Dallas? Then you better move fast.
Homes are flying off the market all across the nation, and Dallas-Fort Worth homebuyers have to hustle even more now if they want to score a house.
The latest Zillow market report shows that U.S. homes are selling faster than at any time since 2010. In DFW, that means homes are on the market for a median of 56 days, one of the lowest figures in the country and almost a week less than last year.
In most of the other fast-moving markets, such as San Francisco and Denver, the inventory of available homes has actually gone up since June 2015. Not so in Dallas-Fort Worth, where our inventory is a whopping 20 percent lower than it was last June. The median home price in DFW is up 12 percent since last year, to $189,500. The national average is a comparable $187,000.
"Homes are selling faster than ever as the home shopping season hits its peak," says Zillow chief economist Dr. Svenja Gudell in a release. "If you’re looking for a home, be prepared to move quickly. Adding to this difficult buying environment is low inventory — there simply aren’t many homes to choose from."
How's it looking around the rest of Texas? The heat's slightly off in Houston, where homes are spending a median of 70 days on the market before selling for a median price of $172,900. Inventory is up 4.4 percent.
Austin is right in line with the rest of the nation, at 57 days on the market and an inventory increase of 1.1 percent. Homes are only moving a day faster than last year.
The best news for buyers is in San Antonio, where inventory is up a healthy 20.4 percent and homes are on the market for 69 days. They're selling a little faster than last year, but at least there seem to be more homes from which to choose.