Flower Mound - Highland Village - Argyle | July 2023

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Highland Village Median home prices Local home prices have stayed high in 2023, forcing buyers to hesitate before purchasing in Flower Mound, Highland Village and Argyle, according to local agents. Argyle Flower Mound

lowest level of the last 10 years,” he said. Low inventory, high prices The current market presents a unique challenge to agents, buyers and sellers, title agents and anyone involved in real estate, said Shelby Buehler, an agent with The Buehler Group in Flower Mound. In a “normal” market, the high interest rates buyers and sellers are currently experiencing would trans- late into lower-priced homes for sale, Buehler said. But the market is currently stuck in a negative cycle: Home prices are high, meaning sellers have to charge higher prices in order to be able to afford a new home once they sell—only the allure of low interest rates isn’t available to buyers, either. In Flower Mound, Highland Vil- lage and Argyle, the median price of homes for sale in May were $600,000, $625,000 and $590,000, respectively. That’s lower than the high-priced market of 2022—in May 2022, median home prices in Flower Mound, Highland Village and Argyle hovered between $700,000 and $800,000—but there are fewer would-be buyers in 2023 to justify those prices, Buehler said. “In 2022, you were seeing 3.5%, 4%, 5% interest rates,” Buehler said. “It’s a year later and those same rates have almost doubled.” Buehler said her agency is encour- aging sellers to lower their asking prices. “We don’t want sellers to put their house on the market, get zero or below-asking bids, and then have to keep lowering and lowering,” she said. “Better to just start with a lower asking price at this point.” There also aren’t as many homes

on the market to choose from, as sellers are having second thoughts about putting their homes up for sale. It’s a triple-threat of issues: high home prices, high interest rates, and not many to choose from, Rybowicz said. “Rates keep buyers from buying because they can’t afford homes,” he said. “Sellers don’t want to sell because they have low rates already. Sellers also don’t want to sell because there is less inventory to choose from if they’re buying a dif- ferent home.” ‘A bad time for the market’ The Buehler Group generally dis- suades its clients from putting a home on the market during a holi- day weekend, such as Memorial Day. But inevitably, a client or two will make the decision to oficially put their “For Sale” sign out front during that time, Buehler said. “We didn’t get any interest in a home that went up on Memorial Day, but we didn’t think too much about it,” she said. “But then the next weekend came and went, and we still didn’t have any interest. That was when we looked at each other and said, ‘Whoa.’” In 2022, and even as late as the beginning of 2023, a home on the market for nearly two weeks any- where in the Dallas-Fort Worth area would be inundated with offers, Buehler said. The state of home buy- ing and selling is drastically differ- ent now, she said. “People are being more careful with their money in general right now,” Buehler said. “Inflation is bad, it’s [almost a presidential] elec- tion year which means there’s a lot of wait-and-see before wanting to

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*DATA ONLY AVAILABLE THROUGH MAY 2023

SOURCE: COLLIN COUNTY REALTORS ASSOCIATIONCOMMUNITY IMPACT

Days on the market Homes in Flower Mound, Highland Village and Argyle spent more days on the market in 2022 and 2023 than in the previous three years as a result of increasing interest rates. Argyle Flower Mound Highland Village

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SOURCE: COLLIN COUNTY REALTORS ASSOCIATIONCOMMUNITY IMPACT

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