Real Estate Market Report for the city of Richardson, TX

Current through the end of the second quarter (6/30/2014)

With the second quarter of 2014 winding down, the real estate market in Richardson, TX will likely remain very strong throughout the rest of 2014 as we move into the later part of the summer months.  The lack of home inventory in Richardson has been the main driver of the higher home prices for the last several months, as inventory has steadily decreased throughout the year and is now sitting at or near seven year lows.  As summer draws to a close, it remains to be seen if the months’ supply of home inventory will increase as demand for homes typically decreases after the end of summer.  In the context of real estate inventory supply, a “normal” is often considered to have between a six and eight month supply of homes.  As of June, the supply of homes in Richardson was just 1.8 months, which is only .1 month higher than the seven year record low set in January and February of 2007.  If the seasonal decline in demand for real estate is less than the seasonal decline in new listings in the upcoming months, the supply of homes could drop to record lows.

The median home price set a seven year record high in Richardson last month of $199,250, and the average marketing time (days on market) also set a seven year record of just 38 days on market last month.

If you’re a home buyer looking to purchase a home Richardson, you must resolve to act quickly when new homes come on the market as the best homes in the most desirable neighborhoods are selling quickly, sometimes in as little as one day on the market and with multiple purchase offers that are sometimes over list price.

Highlights from the 2nd Quarter of 2014 | Richardson, TX Real Estate Market Data from NTREIS:

  • The median home price was $230,000, up a strong 27.8% from the June 2013 median of $180,000.  This was also a record for the median home price in Richardson.  It’s very likely that prices will continue to rise if the supply of homes remains low in Richardson for the rest of 2014.
  • The average sales price per square foot for June 2014 was $108, which was a 10.1% increase over the June 2013 average of $98.  September 2013 was the first month that the average price per square foot broke above $100/ft, and prices have averaged at or above $100/ft for all of 2014 so far, with the June average breaking yet another record.
  • The average days on market also saw another record low in Richardson last month.  On average, homes in Richardson took just 25 days to secure a contract, which was an incredible 32% lower than the June 2013 average of 37 days.  And despite the average home taking just 25 days to sell, many homes in the best condition and locations in Richardson sold in as little as one day on the market, many with multiple purchase offers and some for over the list price.
  • The average home in Richardson sold for 97.7% of its original asking price in June of 2014, which was just 0.1% short of the record of 97.8% set in June of 2013.  Homes in Richardson have sold for at least 96% of asking price, on average, for all of 2014.
  • The supply of inventory in June 2014 was just 1.4 months, down a significant 30.9% from June 2013.  The inventory supply trend has leveled off in recent months but is still near seven year lows.  If this inventory crunch continues throughout the rest of the year, it will likely continue to put upward pressure on prices.
  • There were 151 homes for sale in the city of Richardson in June 2014, down 27.4% from the June 2013 total of 208.  This shows just how severe the inventory shortage is in Richardson.  March 2014 set a new record low of only 137 listings.  During the peak of the housing recession and foreclosure crisis in 2010, there were almost 600 listings on the market in Richardson.
  • There were 141 pending sales in Richardson in June 2014, up 2.2% from June 2013 but less than the seven year record of just over 162 that was set in mid-2007.
  • There were 132 closed sales in Richardson in June 2014, down a slight 0.8%% from June 2013 total of 133.  The main driver of prices in the Richardson real estate market has been the lack of inventory coupled with strong demand.  If more inventory was on the market, prices would probably be at least slightly lower and the number of closed transactions would likely be somewhat higher.

Highlights from the 2nd Quarter of 2014 | Richardson, TX Real Estate Market Data from NTREIS:

Median Home Sales Price for Richardson, TX for July 2014:

Seven Year Chart of Median Sales Prices for Richardson, TX:

Average Sales Price per Square Foot for Richardson, TX July 2014:

Seven Year Chart of Average Sales Price per Square Foot for Richardson, TX:

Days on Market for Homes in Richardson, TX for July 2014:

Seven Year Chart of Average Days on Market for Richardson, TX:

Average Percentage of Original List Price Received for Richardson, TX in June 2014:

Seven Year Chart of Average Percentage of Original List Price Received:

Months’ Supply of Inventory for Richardson, TX in June 2014:

Seven Year Chart of Home Inventory Supply:

Homes for Sale in Richardson, TX in June 2014:

Seven Year Chart of Homes For Sale in Richardson, TX:

Pending Home Sales in Richardson, TX for June 2014:

Seven Year Chart of Pending Home Sales in Richardson, TX:

Chart of Closed Home Sales in Richardson, TX for June 2014:

Seven Year Chart of Closed Sales in Richardson, TX:

DISCLAIMER: Powered by 10K Research.  All data provided by NTREIS.  Information deemed reliable but not 100% accurate.

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