Dallas Real Estate Market Forecast 2023

Dallas Real Estate Market Forecast 2023

  • Albany Shaw
  • 07/20/23

The Dallas Metroplex area, also known as DFW (Dallas-Fort Worth), is a bustling and diverse region that attracts residents from all walks of life. With its booming economy, vibrant cultural scene, and thriving real estate market, it has become a sought-after destination for homebuyers and investors.

Current market trends in Dallas

The Dallas housing market is currently experiencing a seller's market, meaning there is more demand for homes than supply. This trend has resulted in higher prices and faster sales, making it a competitive environment for buyers. Dallas has consistently been identified as a seller's housing market, indicating the overall strength and desirability of the area.

Median home price

As of the latest data, the median home price in Dallas stands at $383,000. While this reflects a .5% decrease since June 2022, it's important to note that the market remains robust. The slight price decline can be attributed to the increased inventory, which has increased by 8.5%, providing buyers with more options and potentially reducing the pressure on prices.

Active listings

One notable trend in the Dallas real estate market is the significant increase in active listings. Currently, there are 3,742 active listings. With inventory on the rebound, buyers have a broader selection of properties, allowing them to find their dream homes.

Closed sales

Despite the rise in active listings, closed sales in Dallas have experienced a 9.1% decrease since the previous month. This suggests a slightly slower pace in the market, as buyers may take more time to explore the increased options available. However, it's essential to note that the market remains active, and properties continue to be sold.

Days on the market

Another factor worth considering is the average number of days a property stays on the market. In Dallas, the current average is 62 days, 14 days longer than June 2022. This indicates that properties are taking slightly longer to sell, highlighting the need for sellers to be strategic in pricing and marketing their homes. On the other hand, buyers may have more negotiating power and time to consider their choices carefully.

Inventory

The inventory in Dallas has increased to 2.1 months, compared to 1.5 months in June 2022. This rise in supply provides buyers with more selections and potentially eases the pressure on prices. It also signals a shift towards a more balanced market, where buyers have more leverage in their negotiations.

Cost of living

One of the advantages of living in the Dallas Metroplex is its relatively affordable cost of living. Despite being one of the largest cities in the U.S., Dallas has a cost of living that is only 2% above the national average. This affordability factor and the city's robust economy and amenities make it an attractive destination for individuals and families seeking an affordable, high-quality lifestyle.

Top Dallas neighborhoods

Kessler Park

Kessler Park is a picturesque neighborhood with stunning architecture, tree-lined streets, and a mix of historic and modern homes. Residents enjoy a serene atmosphere and easy access to the beautiful Stevens Park Golf Course. The nearby Bishop Arts District offers unique boutiques, art galleries, and restaurants, creating a perfect blend of historic charm, natural beauty, and modern amenities.

Lower Greenville

Lower Greenville is a trendy neighborhood known for its multifarious population and eclectic dining, shopping, and entertainment options. With a lively nightlife scene and proximity to White Rock Lake, residents can enjoy outdoor activities like jogging, cycling, and boating. It's a popular choice for young professionals seeking an energetic urban lifestyle.

Oak Cliff

Oak Cliff, located southwest of downtown Dallas, is a historic neighborhood with diverse architectural styles like Tudor, Craftsman, and Mid-Century Modern homes. It fosters a strong sense of community and belonging, with the renowned Bishop Arts District as a cultural hub. This vibrant district offers unique boutiques, art galleries, and dining options. Oak Cliff is perfect for those who value history, cultural richness, and artistic expression.

Dallas real estate market forecast: What to expect

Based on current market trends and insights from the U.S. News Housing Market Index, the Dallas real estate market is expected to continue its positive trajectory in 2023. While there may be a more balanced pace between buyers and sellers compared to previous years, the overall outlook remains optimistic. It's important to note that the market is dynamic and subject to various external factors, so it's crucial to consult a knowledgeable real estate professional for the most accurate and up-to-date information.

According to the U.S. News Housing Market Index, more than 20,600 new permits for single-family home construction are projected to be approved between January and May 2023. This indicates a healthy level of recent construction activity, catering to the demand from individual homebuyers. Additionally, the forecast predicts around 9,400 permits for multifamily housing units in the same period, reflecting the continued need for rental properties.

Fortune Builders provides valuable insights into the Dallas-Fort Worth metro area's real estate market. They report a one-year appreciation rate of 9.1% and a three-year appreciation rate of 31.0%. These figures indicate that home values have been steadily increasing, which is expected to continue. With a healthy job market and positive economic indicators, the Dallas-Fort Worth metro area presents favorable conditions for homeowners and investors.

If you're considering buying or selling a property in Dallas, working with a trusted real estate professional specializing in the area is essential. Albany Shaw is an experienced agent with extensive knowledge of the Dallas market. By partnering with Albany Shaw, you can receive personalized guidance and expertise throughout your real estate journey.



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Albany is an established Dallas agent who has been consistently recognized by her clients and peers as one of the best agents in the city. She has been ranked as a top producing agent by D Magazine, Dallas Real Producers, Lakewood Advocate, and Oak Cliff Advocate.

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