Dallas-Fort Worth homes were one of the fastest-selling home markets in the country last year.
And the pace of local home buying is expected to remain rapid this year, according to analysts with Zillow.
With an average home sales time of just 55 days, North Texas ranked sixth nationally in 2017 among markets with the shortest selling time.
San Jose, Calif., where it took just 41 days to move a property, and San Francisco (43 days) were the hottest sales markets last year, according to Zillow. Nationwide it took on average more than 80 days to sell a house in 2017.
“As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility,” Zillow senior economist Aaron Terrazas said in the report. “This is shaping up to be another competitive home shopping season for buyers, who may have to linger on the market until they find the right home but then sprint across the finish line once they do.”
While the nationwide inventory of homes for sale has fallen on a year-over-year basis for 37 consecutive months, Zillow said that D-FW home listings are 15 percent higher than a year ago.
The typical U.S. buyer spends more than four months searching for a property and makes at least two offers before buying.
Last year, 40 percent of homes sold in the D-FW area fetched more than their listing prices, according to Zillow. Nationwide, just 25 percent of houses went for higher than the original asking price.
In 2017, North Texas real estate agents sold a record of more than 106,000 single-family homes.
Through the first three months of this year, home sales are up 4 percent year-to-date, and median home sales prices are 6 percent higher than in first quarter 2017.
At the end of March, North Texas median home prices were at a record $260,000 — up 8 percent from a year earlier.
Through the first three months of 2018, it took on average 52 days for a real estate agent to sell a preowned single-family home in the area.
Steve Brown, Real Estate Editor Dallas News
Steve Brown, Real Estate Editor