If you’ve been following the local housing market recently, you know how popular it has been. As a mortgage Southlake TX professional, monitoring the real estate market of the area is something that I do often as it puts me in the best position to help my clients when it comes to helping them finance a home.
As you may know, the real estate market changes all the time. One month it could be red-hot and the next it could be seeing a steep decline. To help give you an idea of where the local market is currently at and where it’s headed, we look at a few of the real estate trends in Southlake and the surrounding areas, per an article from Community Impact.
More home options in Southlake
For the past number of years, single-family homes were pretty much the only option home buyers had when it came to moving to Southlake. That will soon change, though, as condominiums are being built in the Town Square after a second brownstone phase was completed in 2014, providing more selection for those looking to buy.
These developments are already popular with buyers as they are reportedly nearly sold out. Additionally, another development that is planning to include three-story lofts on top of restaurants and retail stores, contributing to the growing popularity of local multilevel luxury housing.
Cost to rent continues to rise
As of June 2017, the median price of monthly rent on a home was on the rise. Led by Southlake with a median rent price of just north of $3,900, cities in the Dallas-Fort Worth area continue to experience hikes in monthly rent. According to Zillow, the median rent in Texas is $1,500 while the Dallas-Fort Worth area comes in at $1,695. This means that Southlake’s median rent price is more than double what the area median is, and both Grapevine and Colleyville aren’t far behind at $2,116 and $2,439 per month, respectively.
Sellers love bidding wars
Firstly, homes in Southlake, Grapevine and Colleyville that are selling for south of $300,000 is becoming harder to find each year. In fact, in the past 3.5 years, Southlake has seen a whopping 84% drop in single-family homes available for under this price while Colleyville is a close second with a 75% fall.
While there are more homes in Grapevine on the market for under $300,000 than in the other two cities, it has still experienced a 69% drop since 2015, and more buyers are finding themselves in bidding wars which are driving the price higher.
In June 2017 in Grapevine, the median sale price was 1.7% higher than the list price. In 2016, this number was 2% for the year, so we could certainly see it reach that mark once again if things continue on the same path.
Conclusion
In a real estate market as active as the one we are currently in, it’s important that you have the proper guidance and advice when looking for a home. No matter what your situation is or where you’re looking to move, I can help you find the right mortgage plan as a trusted mortgage Southlake TX professional.
For more information on how I can help you find the right financing, reach out to me now!