Call or Text Today! (972) 505-2142
  + 
## Blog
# Dallas Real Estate Market Trends: What Homebuyers Need to Know
Dallas is known for its competitive and lucrative housing market. As one of the fastest-growing cities in the U.S., it attracts a diverse range of homebuyers and investors. Whether you’re a first-time homebuyer or a seasoned investor, understanding the current trends in the Dallas real estate market is crucial.
This guide provides insights into market dynamics, helping you make informed decisions on your home-buying journey.
## Dallas Real Estate Market Forecast 2024 - The Tuttle Group
## Dallas Real Estate Market
The Dallas real estate market presents a compelling proposition for homebuyers in 2024. With its robust and diverse job market, which includes major corporations and a flourishing small business scene, Dallas caters to a range of preferences.
Various neighborhoods offer a variety of housing styles, from single-family homes and townhomes to condos and high-rise living. Check  and explore why this vibrant city continues to be a top choice for real estate investment.
### Dallas Real Estate Forecast 2024
#### **Is It a Good Time to Invest?**
Dallas continues to attract homebuyers and investors due to its relative affordability compared to other major metropolitan areas in the United States. Low mortgage interest rates make homeownership more accessible, further fueling demand.
Home prices are expected to increase due to the shortage of housing inventory. Additionally, suburban growth is likely to provide more opportunities for real estate development, meeting the increasing demand in the housing market.
#### **The Extent of Price Changes**
Predictions on price adjustments vary, making it challenging to forecast the exact impact on affordability. Some forecasts suggest price decreases, while others predict a more stable market. The true extent of price changes will depend on various factors, including interest rates, inventory levels, and overall buyer demand.
#### **Inventory Levels**
The rise in available homes will significantly influence how much the market shifts in favor of buyers. An increase in inventory is expected in 2024, but the exact volume of available homes will play a significant role in determining the market dynamics.
A substantial rise in inventory could lead to a more buyer-friendly market with increased negotiating power and potentially lower prices. However, a more modest increase may not be enough to significantly alter the market dynamics.
## Dallas Real Estate Trends
**Potential Price Moderation –** After a period of significant price stability, the Dallas housing market may see a rise in 2024. Forecasts vary, with some predicting price decreases of up to 8% compared to 2023, while others indicate a more modest price stabilization or even a slight increase. This moderation is likely a response to rising interest rates in 2023, which dampened buyer demand.
**Inventory Rise –** The number of houses on the market is expected to rise in 2024, giving buyers more options and potentially leading to a more balanced market. This increase in inventory could be due to several factors. It might be the sellers who held back in 2023 due to high interest rates now feeling more comfortable entering the market. Or a softening in demand leading to longer days on the market and prompting some sellers to list their properties.
**Mortgage Rate Stabilization –** The Federal Reserve’s interest rate hikes in 2023 significantly impacted affordability, leading to a slowdown in sales. The latter half of 2024 may see mortgage rates stabilize, impacting affordability and buyer activity. If rates stabilize or even decrease, it could reignite buyer interest and lead to a more competitive market, particularly for desirable properties.
For the latest Dallas mortgage trends and tips, check out .
### Influencing Factors
1. **Federal Reserve Interest Rates:** Previous hikes impacted affordability and slowed down sales, but stabilizing or decreasing rates in 2024 could reignite buyer interest.
2. **U.S. Economy:** The overall health of the economy affects buyer confidence and loan availability. A strong economy encourages home purchases, while a weaker one could lead to tighter lending standards.
3. **Local Job Market:** Dallas’s robust job market attracts new residents and fuels housing demand. Significant job growth in the Dallas-Fort Worth area supports the real estate market.
## Dallas Property Outlook
The Dallas property market in 2024 is expected to be more balanced, with potential price adjustments and rising inventory. While uncertainties remain, the strong local economy continues to be a positive influence.
Consulting a Dallas real estate professional can provide the most current insights specific to your interests.  a free webinar to get expert guidance on home buying.
### Dallas Housing Data
#### **Single-Family Homes**
Demand for single-family homes in Dallas is expected to moderate in 2024 compared to the peak seller market of recent years. Interest rates and potential price adjustments might impact buyer urgency, but the expected rise in available homes offers buyers more choices, potentially leading to a more balanced market.
Pricing dynamics according to :
* Sales volume for single-family homes increased 13.62% YoY from 4,392 to 4,990 transactions.
* Dollar volume rose from $2.04 billion to $2.37 billion.
* The average sales price rose 2.19% YoY from $465,320 to $475,506.
* The average price per square foot subsequently rose from $196.40 to $202.32.
* The median price rose 1.58% YoY from $379,000 to $385,000.
* The median price per square foot also rose from $187.38 to $190.68.
* Months inventory for single-family homes rose from 2.2 to 2.5 months supply, and days to sell declined from 95 to 92.
#### **Townhomes**
Dallas townhomes generally offer a lower entry point compared to single-family homes, making homeownership more accessible. Millennials and young professionals increasingly seek walkable, urban lifestyles, driving demand for townhomes in central locations. If single-family home availability shrinks, especially in desirable areas, townhomes become a viable alternative.
Pricing dynamics according to TRRC data:
* Sales volume for townhomes increased 8.24% YoY from 170 to 184 transactions.
* Dollar volume rose from $70.29 million to $76.46 million.
* The average sales price rose 0.51% YoY from $413,444 to $415,555.
* The average price per square foot declined from $223.83 to $220.94.
* The median price declined 2.19% YoY from $398,750 to $390,000.
* The median price per square foot also declined from $218.98 to $214.12.
* Months inventory for townhomes rose from 2.3 to 3.0 months supply, and days to sell declined from 132 to 90.
#### **Condominiums**
Smaller, more efficiently designed condos are gaining popularity in response to urban living trends and affordability concerns. Amenities catering to specific lifestyles, such as co-working spaces, pet-friendly features, and rooftop terraces, are becoming selling points.
* Sales volume for condominiums decreased 12.64% YoY from 182 to 159 transactions.
* Dollar volume rose from $56.06 million to $58.94 million.
* The average sales price rose 20.33% YoY from $308,039 to $370,676.
* The average price per square foot subsequently rose from $236.41 to $270.76.
* The median price rose 27.5% YoY from $210,975 to $269,000.
* The median price per square foot also rose from $212.02 to $240.10.
* Months inventory for condominiums rose from 1.6 to 3.4 months supply, and days to sell rose from 74 to 91.
### Housing Market Analysis Dallas
The Dallas housing market in 2024 is undergoing a period of transition from a seller’s market to a more balanced state. Here’s a breakdown of key aspects:
**Buyer Demand –** Buyer demand has cooled down compared to the peak in 2022 due to rising mortgage rates. However, the strong job market in Dallas continues to attract new residents, providing a steady base of potential buyers.
**Inventory Supply –** Inventory levels are expected to increase in 2024, giving buyers more options and potentially leading to price moderation. This is driven by factors like price growth, new constructions, and seller return.
**Major Developments and Initiatives –** Investments in infrastructure like the DART Silver Line Rail project and the expansion of DFW International Airport could boost property values in surrounding areas. Initiatives like the development of walkable neighborhoods and mixed-use communities could attract young professionals and first-time buyers.
**Government Incentives and Financing Options –** Dallas currently offers limited direct incentives for homebuyers. However, first-time homebuyers can qualify for federal programs like FHA loans or USDA loans with lower down payments or more lenient credit requirements.
Texas boasts no state income tax, which can be attractive to buyers from high-tax states. Choose the best type of  in Dallas.
## Consult with Dallas Real Estate Market Experts
The Tuttle Group helps with the home buying process by providing a deep understanding of local market trends and programs, accurate and reliable mortgage predictions, and personalized guidance throughout the entire loan process.
We streamline and simplify the loan application process for a smooth experience, matching loan types to your goals and financial situation. For expert guidance on home buying, follow .
 a professional consultation for expert solutions, appointments, and guidance on home loan programs and mortgage processes.
* Posted on Wednesday, July 10th, 2024
* Category: 
« 
 »
#### Categories
#### Archives
## Interested in Working with a Great Team?
We’re always looking for talented team members. If you’re a loan officer or have experience in the home mortgage industry and are interested in joining The Tuttle Group, contact us today.
## Testimonials
### Get Started
##### 
### Connect with Us
##### 15851 Dallas Pkwy #700, Addison, TX 75001
##### 972-505-2142
##### Andy Tuttle, Branch Manager NMLS# 184325 Team@TheTuttleGroup.com
!
###### NMLS #184325 Customer Service Information: Complaints may be directed to 
!!
! !!
Copyright ©2024 The Tuttle Group
 |  | 
(972) 505-2142
  + Back
# Apply Now!
### **Mortgage Application Checklist**
You will need to gather an assortment of documents for your new mortgage application. Below is our Mortgage Application Checklist of the documents necessary to get started.
**Documentation for All Borrowers:**
* W-2 forms (previous 2 years)
* Paycheck stubs (last 30 days – most current)
* Employer name and address (2 year history including any gaps)
* Bank accounts statement (recent 2 months – all pages plus all non-payroll deposits must be documented so make a copy of the check before depositing)
* Statements for 401(k)s, stocks and other investments (most recent)
* Signed federal tax returns (previous 2 years)
* Residency history (2 year history with name, phone number, address and account number of landlord or mortgage company)
* Photo identification for applicant and co-applicant (valid Driver’s License or Passport)
* Check or credit card information for credit report and appraisal fee
* New home Sales Agreement, specifications, plans and/or legal description
**Additional Documentation:**
You may need additional documentation based on your situation. Below is a list of situations and the documents you will be asked to bring.
* **Divorced Borrowers**
  + Divorce Decree
* **Self-Employed Borrowers**
  + Copies of most recent 2 years corporate tax returns (with all schedules)
  + YTD profit and loss statement and balance sheet
  + Copy of business license or CPA contact information
  + 1099s or K1 forms
* **Refinancing**
  + Copy of Note, Deed of Trust or Mortgage
  + HUD-1 Settlement Statement/Closing Disclosure
  + Survey
  + Homeowner’s insurance information
* **Borrowers Selling Current Home**
  + Contract for home being sold
* **Eligible Active Military or Veterans**
  + Veteran DD214 or Veteran Reservists DD256
  + Certificate of Eligibility
* **Previous Bankruptcy**
  + Petition and Discharge
  + Supporting schedules A through K
* **Relocation Agreement**
  + If relocation move is financed by employer, such as a buyout agreement plus documentation outlining company paid closing costs benefits
### **Ready to Apply?**
###### As you complete the application, please use your best estimate if documentation is not available.
## Stay In The Know
Stay up to date on what you need to know about market changes and how that impacts a home mortgage.
None