Grapevine - Colleyville - Southlake | July 2023

REAL ESTATE Housing market impacted by high interest rates, lack of new construction

2023 HOME EDITION

BY CODY THORN

more homes than there were.” White said in the past, a house would go on the market and have 20 oers or more in less than seven hours. Collin County Realtor Asso- ciation says the average house for

Randy White has been in the real estate business for most of his life and he says the past few years have been unlike any in his 45-year career selling. The owner of

Tillery Commons is a 20-lot development in Grapevine by Maykus Homes.

sale will stay on the market for at least 11 days longer or more compared to a year ago. The average days on the market combined between Grapevine, Southlake and Colleyville is 17 days, according to the Collin County Realtor Association.

CODY THORNCOMMUNITY IMPACT

Randy White Real Estate Services in Southlake said the market is starting to return to normal, though prices aren’t there yet for those still looking for a house. “The bidding wars, the low rates that

FROM THE GROUND UP There are less homes being built—from Oct. 1, 2022-Sept. 30, 2023—from last scal year in Grapevine, Southlake and Colleyville.

“THERE’S STILL NOT ENOUGH HOMES TO SUPPLY THE BUYERS’ DEMAND. BUT, THERE IS A LOT MORE HOMES THAN THERE WERE.” RANDY WHITE, OWNER OF RANDY WHITE REAL ESTATE SERVICES

selling due to the change in interest rates. During the past few years, going from 2.8% in 2021 to about 6%-7%, as of June 20. Realtors are also facing a shortage in new homes to oer to buyers, White said. In terms of new construction, there are fewer than 100 new homes built since Oct. 1, 2022, according to data from all three cities. “We are still 100,000 units behind in new construction, which would take four years to supply the demand if sales were static,” said David Stoltzman, a Realtor for Randy White Real Estate Services.

FY 2021-22

FY 2022-23

Grapevine

Colleyville

were below three[%], the shortage of inventory—it was so hard to nd our buyers homes,” White said. “We still have a listing shortage. There’s still not enough homes to supply the buyers’ demand. But, there is a lot

“It’s very healthy from a seller standpoint,” White said. “Still a challenge from the buyer’s standpoint in regards to inventory and choice, but it’s a lot better than it was [last year].” White said a lot of people are not

100

Southlake

SOURCES: CITY OF GRAPEVINE, CITY OF SOUTHLAKE, CITY OF COLLEYVILLE COMMUNITY IMPACT

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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION • JULY 2023