Are you curious about the current real estate market in Denton, Texas? Here’s an update for May 2024:
The Denton real estate market continues to show robust activity, with a noticeable increase in both home prices and sales volume. As of May 2024, the median home price in Denton is $375,000, reflecting a 7% increase compared to last year. This steady rise in home prices indicates a strong demand for properties in our area.
Inventory levels have remained relatively stable, with about 2.5 months of supply available. This is still considered a seller’s market, as a balanced market typically has around 6 months of inventory. Homes are selling quickly, with the average days on market being just 25 days, down from 32 days a year ago.
Mortgage rates have slightly increased but remain historically low, averaging around 5.2% for a 30-year fixed-rate mortgage. This still presents an excellent opportunity for buyers to lock in affordable financing.
New construction is also on the rise, with several new housing developments underway to meet the growing demand. These new homes are particularly popular among families and first-time buyers looking for modern amenities and energy-efficient features.
If you’re thinking about buying or selling a home in Denton, now is a great time to make your move. Whether you’re looking for a family home, an investment property, or a place to retire, Denton’s diverse real estate market has something for everyone.
For personalized advice and up-to-date information, feel free to reach out to me. Let’s make your real estate dreams a reality!
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