Dallas, TX housing market

More than one in four Dallas listings has taken a price cut, and that tells you almost everything about this market right now. About 27 percent of homes currently for sale have already reduced their asking price, and it is not hard to see why. There are roughly four thousand three hundred homes on the market, with about one thousand four hundred more listed this month alone, and the typical home is sitting for nearly 60 days before going under contract. Meanwhile the typical Dallas home value is around three hundred six thousand dollars, down just over 4 percent from a year ago. Here is the tension worth watching. The median asking price is about four hundred sixty-nine thousand five hundred dollars, far above what the typical home is actually worth, which explains why so many sellers are cutting. Buyers have real leverage in Dallas this summer. If you are selling, the lesson from this data is simple. Price to where the market is, not where you wish it was, because overpricing now means sitting for two months and cutting anyway.