Dallas Housing Values Climb Despite Market Volatility, April 2024 Snapshot Reveals

Understanding the Dallas Real Estate Market Trends

The Dallas housing market has seen a sustained rise in average house values over the last few months. In April of this year, the average property value reached $441k, a significant increase from the $449k recorded a year earlier, despite the slight decrease indicating some market volatility. What’s more, the value per square foot climbed to $262 in April 2024 up from $260 in May 2023.

The average sale prices of homes in Dallas ebb and flow as the market adjusts to various influences. A snapshot of this sees December 2023 with an average sale price of $411,751, only for it to dip to $392,570 by February 2024. These fluctuations point towards a market responsive to immediate economic factors, buyer behavior, and perhaps seasonal changes.

While values and sale prices are subject to swings, the number of properties listed for sale fell. Between May 2023 and April 2024, homes on sale from 1,998 to 2,952. This decrease suggests a tightening in the available housing inventory, a factor that could influence both the value and the sale prices due to the simple mechanics of supply and demand.

Next we’ll take a look at cities near Dallas. The Garland and Mesquite markets also fluctuated during the same period of April 2024; Garland sees average values of $339,945 with a per-square-foot value of $189, while Mesquite’s figures are at $296,000 and $178, respectively.

Dallas, TX Real Estate Market: A Snapshot of April 2024

With an average property value of $441,361 and an average sale price of $417,634, Dallas remains a competitive and sought-after market. There are currently 2,952 home listings, slightly down from the previous year. 6,922 properties changed hands, pointing to a strong market with high transactional volumes.

• Garland’s average property value rests at $339,945, complemented by an average sale price of $313,056 along with a smaller catalog of 482 properties and 1,602 sales, pointing to a more affordable yet active market.
• Addison presents a boutique scenario with values reaching $532,400 and eye-catching average sale prices hitting $583,663, a rare instance where sale prices eclipse listed values. Interestingly, the property and sale counts stand at 18 and 74, respectively, signaling a compact but potentially high-stakes market.
• Mesquite offers a contrasting picture with both its average value and sale price, at $296,000 and $282,744 respectively, ranking lower in the hierarchy of value propositions. With 343 properties and a commendable 909 sales, the market dynamics are favorable for buyers prioritizing affordability.
• Similar to Addison but on a larger scale, Richardson sees average values at $490,500 and sale prices at $465,265, suggesting a market with high-value properties. Considering its balance of 222 listings and 784 transactions, Richardson’s market appears healthy and dynamic.
• Balch Springs, the most modest market in the profiled areas, details an average value of $269,900 and a sale price of $237,837. This, alongside a nominal 43 properties and 104 sales, paints a picture of a market at a different stage of expansion or retraction compared to its neighbors.

For further insights, see our previous report on Dallas, TX.