2023 Tarrant & Denton County Midyear Market Update

The real estate market has been dynamic and full of surprises this year. Today, I want to provide you with a mid-year market update to keep you informed about the latest trends and developments in today's real estate market.

Whether you're a homeowner, buyer, or investor, understanding the current landscape can help you make informed decisions. So, let's dive right in! Overall, the market has remained strong, but there are a few key factors worth noting… • #1 Inventory Levels: Low housing inventory continues to be a significant challenge. Comparing last year this time to this year, we are down, as example in Tarrant County by nearly 24% in new listings. Unfortunately, this trend is expected to persist throughout the year. • Next up is Pricing: Although appreciation rates are slowing, with limited inventory and strong demand, home prices remain elevated with, as example, Denton County only being down 1.7% in median sales price compared to this time last year.  With lower inventory, Sellers have been able to continue to command higher asking prices, which may impact affordability for some buyers. And lastly, Interest Rates: Mortgage rates have seen some upward movement compared to the historically low rates we've experienced in recent years. While this may have an impact on affordability, it's important to consider the bigger picture. Your lifestyle needs, financial goals, and market conditions should weigh more heavily in your decision-making process than mortgage rates. In conclusion, the mid-year market update reveals a real estate landscape filled with both challenges and opportunities. So what does that mean for you? If you or someone you know is considering a move, whether buying, selling, or investing, I'm here to help. Reach out to us at JLUX Homes for a personalized consultation where we can discuss your specific needs, goals, and explore the best options available to you. Remember, the real estate market is constantly evolving, and having the right guidance can make all the difference. I'm Jenevieve Croall with JLUX Homes; thanks for watching.