For those who are on the quest to buy a new house in Dallas-Fort Worth, the news from Forbes.com is not so good.
Like most anywhere else in the U.S., the inventory of available sales is stressed in North Texas with Irving, Carrollton, Frisco, and Denton ranking in the top eight of cities with a low housing inventory that doesn’t look to improve anytime soon.
Irving ranked fifth, Carrollton sixth, Frisco seventh, and Denton eighth. Grand Prairie ranked 12th and Plano 17th in the business magazine’s top-20 list that aggregated data from Redfin.
The Redfin data included months of supply of houses, available for-sale inventory, median sale prices, and the number of new listings from September 2019 to September 2021.
According to Forbes, several markets have recovered from pandemic disruption, but some markets are feeling the “big squeeze” in available houses.
Forbes took a deep dive into the top five, which meant it put Irving under its microscope.
According to Forbes, Irving had 2.2 months of home supply in September 2020. It’s now down to 0.9 months, or 27 days. New listings in Irving are down 13.7 percent from September 2020. Forbes cited an influx of interstate immigrants.
In September 2019, Irving had 465 houses available for sale, which declined to 363 in a year, followed by a dramatic decline of 55.4 percent to its current level of 162 available homes for sale, Forbes reported. Irving’s median home prices rose from $284,995 in 2020 to $322,733 in 2021.
Plano also had 0.9 months inventory. Carrollton, Frisco, Denton, and Grand Prairie each saw their home supply fall to 0.8 months.
On the upside, at least you’re not house hunting in Bellevue, Washington, which had 0.4 months supply, the lowest inventory, according to Redfin data.
To learn more, check out Forbes’ report here.
