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March started out strong for both the Dallas and Fort Worth real estate markets, but the impact of coronavirus caused activity to slow down toward the end of the month, particularly as shelter-in-place orders went into effect. However, now that real estate has been designated an essential service by Gov. Abbott’s executive order and home showings have resumed, we’ve seen interest from buyers and sellers start to pick back up gradually.
March Market Snapshot
New listings in March. Although there was a substantial drop in listings starting the middle of the month, the total number of homes put on the market was only down -8% compared to March 2019 and the number of new listings remained flat the last two weeks of March 2020.
The median percentage of a home’s original list price that it ended up selling for. This suggests that sellers haven’t had to make big price cuts in order to get their home sold.
Decrease in homes that went under contract this March vs. last year. While some buyers and sellers have decided to hold off right now, there were still over 7,000 listings received an offer last month.
“There’s no doubt that the coronavirus and its impact on our daily lives has affected the real estate market for the moment. We are seeing fewer buyers than we normally do at this time of year. However, the real estate market in North Texas is incredibly strong and likely won’t be as vulnerable as real estate in other parts of the country like California or New York. Our team is still meeting with buyers and sellers every day - last month we helped 12 customers buy their home and put 45 listings under contract.”
— Jennifer Roberts, Orchard Home Advisor
Received an offer in less than 2 weeks at the full asking price
Have questions on buying or selling right now?
We’ll be updating this post in real-time with new information about how we’re working with customers in each of our markets and answering your questions about the real estate market.