It’s not just Dallas and northern suburbs where homes are notably appreciating and sales are “fly-off-the-market” fast. Arlington, Grand Prairie, and Mansfield showed substantial increases last month in both home prices and sales, according to a new report from the Arlington Board of Realtors.
Arlington home sales increased 9 percent, Grand Prairie’s increased 9 percent, and Mansfield home sales increase a whopping 36 percent in March 2016. Home prices increased in all markets, as well.
“We continue to be in a strong real estate market, as the numbers show,” said Tim Beary, 2016 Chairman of the Arlington Board of Realtors.
The numbers for homes sold, median price, monthly housing inventory, average number of days on the market, and active home listings were all notable in these three DFW markets.
Here are those numbers at a glance for March 2016:
ARLINGTON
- 354 – Homes sold in March 2016, 9 percent more than March 2015
- $170,000 – Median price in March 2016, 13 percent more than March 2015
- 1.3 – Monthly housing inventory in March 2016, 0.3 months less than March 2015
- 33 – Average number of days homes spent on the market in March 2016, four days less than March 2015
- 479 – Active home listings on the market in March 2016, 9 percent less than March 2015
GRAND PRAIRIE
- 186 – Homes sold in March 2016, 9 percent more than March 2015
- $193,050 – Median price in March 2016, 7 percent more than March 2015
- 1.3 – Monthly housing inventory in March 2016, 0.1 months less than March 2015
- 36 – Average number of days homes spent on the market in March 2016, unchanged from March 2015
- 213 – Active home listings on the market in March 2016, 3 percent more than March 2015
MANSFIELD
- 124 – Homes sold in March 2016, 36 percent more than March 2015
- $251,000 – Median price in March 2016, 14 percent more than March 2015
- 1.3 – Monthly housing inventory in March 2016, 0.3 months less than March 2015
- 34 – Average number of days homes spent on the market in March 2016, three days less than March 2015
- 125 – Active home listings on the market in March 2016, 14 percent less than March 2015
For perspective, the Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
