Arlington, Texas Sees Declining Home Values Amidst Stable Prices per Sq Ft as of February 2024

Arlington’s housing market report shows average values peak in May 2023, with prices around $359,900. Since then the market has witnessed a gradual decline, landing at an average home value of $334,900 by February 2024.

This represents a notable adjustment in the housing landscape over the course of eight months. Similarly, the average sale price, which offers a reflection of actual transactions, followed this downward trajectory, moving from about $330,087 in September 2023 to approximately $316,730 by February 2024.

Despite a slightly tumultuous market, prices per square foot have maintained modest stability. From December 2023 to February 2024, they experienced a negligible uptick, inching from $175 to $184. The stability in price per square foot indicates that while overall values and sale prices have dropped, the intrinsic value of Arlington real estate remains resilient.

Furthermore, the property count and the number of properties sold have shown some variability, but the trend isn’t strongly pronounced. Nevertheless, we should note the drop in property count from 761 in October 2023 to 676 in February 2024, which suggests a contracting inventory that could impact market dynamics, such as availability and buyer competition. This is complemented by a significant count of properties sold totaling 2,609 by February 2024, reflecting a vibrant transactional environment.

Comparative Analysis with Nearby Cities

Comparative trends in real estate offer an enlightening perspective; therefore, an analysis of Arlington’s market alongside nearby cities is crucial.

Kennedale, for instance, experienced a surge in average values, climbing from $365,000 in March 2023 to a zenith of $399,900 in January 2024, only to revert to $365,000 the following month. This roller coaster ride in Kennedale’s real estate market could be attributed to several factors including specific community developments or speculative investments, and warrants a close watch for those interested in investment opportunities.

On a different note, Mansfield has shown commendable steadiness, with a gentle upward trend in average values over the considered period. With an average value reported at $470,000 in February 2024, Mansfield stands out as a potentially more stable and possibly affluent market in contrast to its neighbors.

Market Snapshot: February 2024

Arlington’s average home value sits at $334,900 with a competitive price per square foot of $184, aligned closely with the metrics of neighboring cities. The city boasts a property count of 676 and a total of 2,609 properties sold, indicating a robust level of market activity.

Kennedale’s average value, as of the same period, is $365,000 with an average sale price at a higher $391,451, possibly reflecting a premium on newly sold properties. The property count here is significantly lower at 23, indicating a smaller market with lesser inventory, with 62 properties sold.

Grand Prairie offers an average value of $350,000 with a price per square foot at a more accessible $173, and an average sale price sitting around $309,835. With 292 properties up for grabs and 1,060 sales, it suggests a fluid market that’s both active and moderately priced.

Mansfield’s higher-end market commands an average value of $470,000 with a price per square foot at $181, and the average sale price coming in at $419,067. A total of 169 properties highlight a somewhat limited inventory compared to Arlington, with 549 properties sold.

Euless and Bedford, with their average values at $373,000 and $380,000 respectively, stand out with the highest prices per square foot, $212 and $208, demonstrating potentially higher demand or quality in housing. With property counts of 57 and 75 and properties sold numbering 346 and 376 in turn, these markets seem to be smaller yet maintain a consistent pace in sales.

Overall, Arlington and its neighboring cities present a varied tableau of real estate activity, with each location showcasing its own unique trends and behaviors. Whether the steady hand of Mansfield or the fluid currents of Grand Prairie, potential homeowners and investors alike have much to consider in the region’s dynamic market landscape.