On a national basis 2016 was a good year as over 5.45 million existing homes were sold. Nationally the median home price rose 5.2 percent in 2016. That brings the 5-year cumulative gain to 41 percent! The increase in home prices across a majority of the country has helped homeowners increase their housing equity dramatically. Homeowners had an estimated $6.2 trillion in housing equity in 2011 and it was an estimated $13.5 trillion at the end of 2016.
The North Texas housing market was up slightly in both listings and reported sales, but both average sales price and median sales price rose substantially in 2016 over 2015. Median home prices rose to $276,000 for an increase of + 8.2 percent and average home prices increased to $339,122 which was a + 6.9 percent increase. The days on market is still just over 30 days and sale prices are still just under 98 percent of listed price. On average there was less than a two month’s supply of homes available to home buyers.
Collin County was very comparable to the overall North Texas numbers as compared to last year. The median home price was $300,000 or an increase of + 8.9 percent and the average sales price rose to $342,771 which was an increase of + 8 percent. Days on market was still just over 30 days and prices were closing at just over 98 percent of listed price. Once again the months supply of inventory was under two months as well.
Source: North TexasReal Estate Information Service (NTREIS), The Dallas Morning News, WalletHub
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.