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HIGH PRICED HOMES
HOME SALES BY PRICE
In the Dallas-Fort Worth- Arlington metro area, 22,409 homes sold in the rst quarter of 2022. Nearly 49% of those homes were priced between $200,000 and $399,000. Below shows the percentage of homes sold by price. NOTE: NUMBERS DO NOT ADD UP TO 100% DUE TO ROUNDING.
The median price of homes sold has slowly increased since 2020, with May 2022 showing the highest numbers for Grapevine and Southlake.
Median price of homes sold in 1st quarter of 2022: $376,500
Grapevine
Colleyville
Southlake
0.6%
$0-$99,999 $100,000-$199,999 $200,000-$299,999 $300,000-$399,999 $400,000-$499,999 $500,000-$749,999 $750,000-$999,999 $1,000,000+
$1.5M $1.2M
6.1%
20.5%
$900,000 $600,000 $300,000 $0
28.1%
18.2%
17.5%
2020
2021
2022
5.3%
SOURCE: TEXAS REALTOR DATA RELEVANCE PROJECT COMMUNITY IMPACT NEWSPAPER
3.8%
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER
In addition, increasing mortgage interest rates have diminished pur- chase a ordability, making it di cult for lower-income and rst-time buy- ers to a ord a home, according to the Texas Real Estate Research Center at Texas A&M University. But amid the in ated home prices and interest rates, the Grapevine, Col- leyville and Southlake area is seeing high demand and a recent uptick in new homes on the market, according to Assaad and other local Realtors. High demand Assaad said many buyers in Grape- vine, Colleyville and Southlake are being misled by national news reports that the housing market is shifting with the increase in interest rates. “It has not changed the demand on houses in our area,” Assaad said. A few weeks ago, Assaad said she was one of 25 bidders on a home in Grapevine-Colleyville ISD. Her clients did not get the house. “We still see multiple o ers,” said
Sophie Tel Diaz, broker, owner and Realtor at Sophie Tel Diaz Real Estate in Colleyville. “Now, depending on the price point, we see more or less— it kind of depends. But we still see a very healthy market where there still are a lot of buyers for every home.” Diaz said the increasing interest rates need some context. The 30-year xed rate mortgage average in the U.S. on Jan. 20 was 3.56%, according to Federal Reserve Economic Data from the Federal Reserve Bank of St. Louis. On June 9, the 30-year xed rate mort- gage average in the U.S. was 5.23%. “As far as interest rates, I know they’ve gone up some, but if you remember 2007, interest rates were between 6% and 8%, depending on credit, down payment [and] many di erent things,” Diaz said. “So we are [in] something that’s really not bad.” Alisa Runge, a Realtor with Berk- shire Hathaway HomeServices Pen- Fed Realty Texas, said there is not enough inventory to o set the num- ber of buyers. That is why homes have
so many o ers and such high prices, she said. “It’s unprecedented for us how fast houses come on the market and how fast they go,” Runge said. Alisha Minteer-Rosse is the director of sales, sales partner, listing special- ist and associate broker and Realtor for the Minteer Real Estate Team with Keller Williams Realty in Grapevine. She said, for homes that look great and are priced right, the demand is exceptionally high. However, Minteer-Rosse noted that she has seen a slight decrease in demand for homes that do not meet buyers’ expectations. “We had four homes go on the market in the last week and a half, and some are getting 20-plus show- ings, and some are getting two to three showings,” Minteer-Rosse said. “That’s why it’s really important right now for sellers to make sure that they’re pricing their home right and making it as presentable as possible to really give themselves the best
opportunity to take advantage of the market.” Uptick in new listings While many places are seeing a shortage of new homes, data from the Collin County Association of Realtors shows the number of new homes on the market in Grapevine, Colleyville and Southlake has increased since the beginning of the year. Between January and May, there has been an over 54% increase in new home listings in Grapevine, a nearly 86% increase in Colleyville and a more than 25% increase in Southlake, the data shows. “We’re moving to more of a health- ier market than we have been over the last year or so, which will give buyers the opportunity to nd a great home and sellers the opportunity to really take advantage of the appreciation we’ve seen over the last year [to] two years,” Minteer-Rosse said. The increase in new home listings is partly due to the time of year, Assaad
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