Real Estate
11:58 am
Tue April 15, 2014

Hot, Hot, Hot: In Dallas And Fort Worth, One In 10 Homes Sells Within Just 72 Hours

The housing market in North Texas is hot, hot, hot.

It’s so hot that if you’re selling a home, be prepared to have a place to live – because it’s likely to sell quickly, according to a new national survey issued by the Redfin Research Center.

Dallas is ranked No. 5 on a list of the country’s fastest housing markets in March. In Dallas, 14 percent of homes sold within three days.

Fort Worth is ranked No. 8. Slightly more than 10 percent of Fort Worth homes sold within three days.

Even if homes didn't sell that fast, they aren't sitting around for long. In February, nearly 40 percent of Dallas homes sold within two weeks, Redfin says.

Other Texas cities

Of the top nine cities across the country, five are in Texas: Austin ranked No. 2, Houston was No. 6 and San Antonio was No. 9.

Denver was the fastest city in March, while Seattle was ranked No. 3. Portland came in fourth and Washington, D.C., was seventh.

Why is Texas so hot?

People are coming to Texas for jobs, and population growth is helping drive up housing demand, Redfin says. North Texas’ population has grown by 1.6 percent over the past year.

It probably doesn’t hurt that housing is still reasonably priced in North Texas. The median listing price in Dallas-Fort Worth was $229,055, Redfin said. (That’s significantly less than Austin, where the median list price was $343,000.)

Redfin stated: “In certain areas of Texas, North Carolina, Colorado and the Pacific Northwest, homes are selling like hotcakes thanks to strong job and population growth, worsening inventory shortages and, as Redfin’s CEO pointed out in December, relative affordability.”

Looking ahead

Redfin anticipates that competitive markets such as Dallas-Fort Worth “will continue to be fast through the spring season.”

One Redfin agent in Houston says she’s preparing her clients to make decisions quickly and put in their best offer right away – and to send a personalized cover letter to the seller to stand out from the competition.

In other words: If you’re buying a home, be prepared to move fast – because the house you want today could be gone tomorrow.

(Photo Credit: aastock/shutterstock.com)