It’s no surprise that limited inventory has been a challenge in our market here in North Texas. With a growing population and the disruption caused by COVID-19, the market has no doubt been tough for buyers.
Further cementing this notion is a recent report from Forbes, highlighting the top 20 cities in the US with low housing inventory. North Texas cities grabbed 6 of the top 20 spots, illustrating our market conditions in comparison with the rest of the country.
Here are the North Texas cities that made the list, along with where they ranked in the top 20:
5. Irving
6. Carrollton
7. Frisco
8. Denton
12. Grand Prairie
17. Plano
The report also suggests that inventory levels aren’t expected to increase in these cities any time soon. If you’re considering buying in these areas, here are a few things to consider:
- Have a game plan that will help you compete. This is a great opportunity to work with your Realtor to identify where in the transaction you can make your offers stand out.
- Know your limitations. In conditions such as these, desperation can fuel decisions that have lasting implications. Make it a point to know the highest price that is going to be financially comfortable for you, and maintain discipline.
- Align your expectations with the market. Prices have increased, and homes that were once in your budget may no longer be. Now is a great time to re-evaluate your “must-have” list, and remember, new paint and flooring can make a world of difference!
If you have any questions about the market, simply fill out the form below or give us a call at 214-267-9222 and we’ll be happy to help!
