DENISON, Texas — An area in North Texas near the Texas-Oklahoma border saw some of the biggest home sale price jumps in the state, according to a new report from Texas Realtors.
The booming Sherman-Denison area near Lake Texoma saw home prices rise 11.1% between the third quarter of last year and the third quarter of this year for a median price of $349,990.
Denison is located about an hour north of DFW in Grayson County, just south of the Texas-Oklahoma border. It has a population of about 28,000, according to the city's website.
The Sherman-Denison area also saw a dramatic rise in active listings. Active listings also rose 51% to 1,223 between the third quarter of last year and the third quarter of this year. Only Eagle Pass, where home prices rose 11.4% during that time, saw prices rise more.
In DFW the median price dropped 0.8% between the third quarter of last year and the third quarter of this year for a median price of $396,870. Active listings in the DFW area rose 41% during that time to 30,046, according to the report.
Statewide, the median home price remained about the same between the third quarter of last year and this year at $340,000. Active listings statewide were up 30.4% though to 129,268, the report shows.
"Lower interest rates have made buyers and sellers more comfortable with entering the market," said Texas Realtors chairman Jef Conn. "With more favorable financing options, buyers in many markets seem more willing to look, and sellers are more interested in making their properties available."
Months of inventory, or how long it would take the existing homes on the market to sell at the current rate of sales, was 4.8 statewide, which is an increase from 3.6 months during the same period last year. Four to five months of inventory generally indicates a market balanced between supply and demand, according to analysts at the Texas Real Estate Research Center. Every metro area reported a rise in months of inventory.
"We have seen listings taking longer to sell, so homes need to be market-ready and priced well in order to attract an offer," said Conn. "Buyers generally have more choices and a little more time to make decisions than a few years ago. Whether buying or selling, your best resource for navigating the housing market and making the most of your situation is a Texas Realtor."
