A Market Update for the TCU Area

The 76109 zip code is a great place to live for many reasons. Here are a few of them, from a real estate perspective.

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Today we’re coming to you from the lovely Overton Park, right across the street from the highly coveted Tanglewood Elementary School. Our family moved here specifically because of the lovely schools, awesome park, and wonderful community.

I’ve been getting some great feedback from my first couple videos, but the question everyone keeps asking is, “What’s going on in my neighborhood?” We’re going to focus on the numbers for the TCU area, or the 76109 zip code. This area includes neighborhoods such as Tanglewood, Overton Park, Westcliff, and others. We’re going to compare the numbers from the first quarter of 2017 to the numbers from the first quarter of 2016.

Now let’s dive into the numbers, starting with inventory. In the first quarter of 2016, it took an average of 57 days for a home to sell. Fast forward to this year, and we saw a slight increase to 3.2 months of supply. We’re still firmly in a seller’s market.

Homes are taking a little longer to sell now, too. It took a home an average of 57 days to sell last year, but this year it’s taking an average of 66 days. That is a 16% increase.

Homes are taking longer to sell, but they’re selling for more money.
One positive trend we’re seeing is that the average home price is up by 3%, from $419,105 to $430,598. The average price per square foot is also up from $168 to $179, a 6.5% increase.

What does all this mean for you? Well, it’s an indication that the market is starting to slow down just a bit and we’re hopefully returning to a more healthy and stable market. For the time being, however, homes are still selling fairly quickly and home values are still increasing.

If you have any questions for me or you’re interested in buying or selling a home in the DFW area, give us a call or send us an email. We look forward to hearing from you soon.