Dallas-Fort Worth home inventory increased by 16.7% year over year in May, data from Homes.com shows.
DALLAS — Home inventory last month in Dallas-Fort Worth rose to its highest level since Summer 2019, data from Homes.com shows.
Home listings increased 16.7% in May compared with a year ago, according to data from Homes.com. There were nearly 33,780 homes on the market in DFW in May, listing data shows.
The new data marks a return to pre-pandemic trends, Bill Kitchens, director of market analytics at Homes.com, said.
“We’re seeing this shift in the balance of power moving closer in favor of the buyers,” Kitchens said. “The buyers have more options than they had a year ago or even two years ago, so its an indication that we’re seeing a much more balanced market compared to not too long ago.
Dallas-Fort Worth also ranks first for total listings in the nation.
“DFW remains a leader for population growth and a leader for immigration,” Kitchens said. “Folks looking to come here, they’re going to have more options.
Nationally, home inventory grew 17.2% compared with a year ago. DFW ranked No. 17 for inventory growth nationally, just behind Houston, which ranked No. 16. Atlanta ranked No. 1 for listing growth for May at 41.6%.
Prospective buyers looking at the data should expect more options than they’ve had in the past, which also impacts the price of homes on the market, Kitchens said.
“For someone who’s selling their home, I think it’s important to understand that they may have more competition than they’ve had in the past, and this also affects price,” Kitchens said.
Average home prices have flattened over recent months, a trend that will likely impact the market as we head into peak home-buying season, Kitchens said.
“I anticipate we’ll see longer time on market as well,” Kitchens said.