As a buyer, you might be wondering if you're about to overpay in a slowing market. Or, if you’re thinking about selling, you might be concerned about getting the price you want for your home. Let’s clear up what’s really going on with home prices and what it means for you.
Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally
One of the key trends in the current market is that home price growth is slowing down—but it’s important to understand what that actually means. Prices aren’t falling; they’re just not increasing at the rapid pace we saw over the past few years.
Check out the data: Home prices are still appreciating, but at a slower rate. The days of double-digit price increases are behind us, but that doesn’t mean prices are dropping. The graph below (data from Case-Shiller) shows this trend clearly, indicating the shift from 2023 to 2024.
What’s really happening? We’re seeing a moderation in price growth. So when you hear people say prices are “cooling,” they don’t mean they’re going down. They’re just not rising as quickly as they were during the pandemic-fueled housing boom.
What’s Next for Home Prices? It’s All About Supply and Demand
So, what’s going to happen with home prices moving forward? The answer lies in the classic law of supply and demand.
Nationally, we’ve seen an increase in the number of homes for sale. However, we’re still not at the levels needed to meet buyer demand. That’s keeping upward pressure on prices—though that pressure isn’t as intense as it was over the last couple of years. As inventory continues to improve, we’re seeing a more balanced market.
Danielle Hale, Chief Economist at Realtor.com, explains this well: “Today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected. This should help home prices maintain a slower pace of growth.”
And that’s not all. If mortgage rates continue to decline, as many experts expect, more buyers will likely re-enter the market. This could push demand higher, creating even more upward pressure on prices. The bottom line is that while price growth is slowing, prices aren’t likely to drop anytime soon, especially with demand likely increasing.
Why You Should Work with a Local Real Estate Agent
While national trends help us understand the bigger picture, real estate is always local. What’s happening nationally might not reflect what’s happening in your neighborhood, especially when it comes to supply and demand. That’s why working with a knowledgeable local real estate agent is crucial.
A good agent understands the local market dynamics and can provide real-time data on what’s happening in your area. If you’re planning to sell, they’ll help you price your home right to attract serious buyers. And if you’re looking to buy, they’ll know where to find homes that meet your needs and fit your budget, even in a competitive market.
I’ve been selling real estate in the Dallas-Fort Worth Metroplex for over a decade, and I’ve helped countless buyers and sellers navigate these very trends. As your trusted real estate professional, I’m here to provide you with the most up-to-date, local information that you won’t find in national reports.
Final Thoughts: What Does This Mean for Buyers and Sellers?
If you’re thinking about selling, don’t be discouraged by the slower pace of price growth. Homes are still appreciating in value, just not as fast as before. The key is to position your home correctly in the market by highlighting its strengths and pricing it competitively. If you do, you can still secure a solid sale price.
If you’re a buyer, this moderation in price growth could give you some breathing room. With inventory increasing, you might have more options and less competition, though you’ll still need to move quickly on the right home. Be ready to act when the time comes, but rest assured that prices are no longer surging like they did in recent years.
Let’s Connect!
Whether you’re buying, selling, or just curious about what’s happening in the market, now is the perfect time to get a personalized market analysis. As your local DFW real estate expert, I’m here to provide you with the insights and support you need to make the best decision for your future. Let’s connect and elevate your real estate experience today! Crystal Zschirnt 4wheeltor Southlake Westlake Keller Fort Worth Haslet Trophy Club Roanoke Justin Northlake Flower Mound Argyle Real Estate New Home Selling Home Buyer Best Agent Realtor House
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