The real estate economy is strong in the North Texas and Dallas Fort Worth area. Last year (2015) was a record year for real estate sales of single family homes in Texas. In Texas there were 309,000 single family homes sold in 2015 and in North Texas there were 96,158 homes sold last year. Average prices for single family homes rose 7% to $259,237. The hot housing market in North Texas continues into the first quarter of this year. Home sales in the Dallas Fort Worth and North Texas area increased by 16% over the first quarter of 2015 with 20,852 single family homes sold. One of the factors driving our price increases is the low inventory of homes. In the Dallas Fort Worth area we have about 2 months of inventory. Two months of inventory means that if no more properties came available on the market for sale, the existing homes would be sold in approximately 2 months. To put this in perspective, a normal real estate market has about 5 to 7 months of inventory. This has created a “Seller’s Market” and caused a higher than normal appreciation of home prices. You may have noticed (or been shocked) by the recent appraised value of your home from your taxing district. To find out more about the state of our local economy and real estate market, please watch our short video. Of course the real estate market is very neighborhood driven. To find out what is going on in your neighborhood’s real estate market call the Sullivan & Sullivan team at 817-330-9235 for send us a message in the Contact Us section of our SullivanDFWHomes.com website.