Dallas, TX – Today the Dallas-Fort Worth metropolitan area saw a record-setting number of residential sales totaling over $3 billion, bringing total sales over $2.2 billion in the year ending June 30, according to data from RealtyTrac.
Realtors estimate the median price of a single-family home in the Dallas area is over $200,000, with a median price above $300,000 in Austin, Texas and Dallas.
The median price in the metro area is expected to be slightly higher, at $218,000 for single-detached homes and $240,000-$270,000 on single-families.
Dallas, which boasts the second-highest number of condominiums in the country, saw sales reach $2 billion, up nearly 12% from the previous year.
Realty Trac said the Dallas region was home to a record number of luxury condominium sales, with the median prices of 1,400 condo units in Dallas rising nearly 11% from last year to $2,521,000.
The number of condos sold in Dallas reached a record $2 trillion, up 22% from 2016, according the RealtyTric report.
In 2018, the median value of single-household properties in the metropolitan area was $250,000 to $300 of which the median was $300.
Dallas saw more luxury condopurific sales in 2018 than any other metropolitan area, with over $8.6 billion of sales for a median value over $1.2 million.
In addition to condos, the Dallas metro area also saw the most single-unit condominium purchases in the U.S. in 2018, with more than 2,500 units.
In the year through June 30 there were 6,636 single-units sold in the area, representing 21% of all condominium units in the region.
Reaccltyt released its 2018 home sale sales statistics and the numbers are up 13% from 2017.
Reactions to the high sales figures have ranged from “wow” to “wow, that’s amazing,” said Jennifer O’Leary, senior vice president of research and analytics at Realty Tric.
“In terms of the value, it’s still a bargain, and we’re seeing some great results for the buyer and seller,” O’Donnell said.
Sales of single homes are expected to rise by over 7% in 2019.
In terms of amenities, condos are expected continue to have the largest share of condopoor sales, and single- and duplexes are expected have the biggest share of single family home sales.
The Dallas market is one of the top markets in the United States, according To Home Depot data.
However, it has been struggling to maintain sales momentum and is in a tight market.
Sales in the Austin-Bergstrom area, which includes Austin and surrounding areas, have been falling for some time, but the sales have been climbing and have reached their highest levels in several years, Realtor Realtory’s Paul St. John said.
The metro area has seen a significant increase in condominium construction over the past year, with 8,865 new condominium condos built during the year, compared to 6,534 condos built in 2017.
Sales were also up in the downtown area, where condos are averaging over $800,000 a unit.
The average condo sale price in this area is $1,050,000 with condos averaging $1 million, according RealtryTrac’s John Cogan.
The city of Dallas has had some success in building condominium towers, with 7,000 condo towers built in 2018 compared to 2,100 in 2017, according data from REALTOR REINHARDT.
Condo sales in the city are up by more than 40% compared to 2017.