Cedar Hill, Texas is one of the areas where we buy houses. Because we buy houses here, it is very important to stay current on the real estate trends in the market. Although we primarily target off-market properties, on-market data available from the local Multiple Listing Service (MLS) provides valuable information concerning the buying and selling conditions of the local area.
Although we are willing to consider buying all houses presented to us, there is a general range that we target for buying Cedar Hill real estate. Our general buying demographic is homes valued at <$120,000, single family, 3 bedrooms, 1000 – 2000 square feet, all ages. Below is an overview of the current market conditions based on our buying demographics.
Home Prices
The median home sales price for March 2015 decrease by 10.78% to $85,200. Prices are down 14.8% from the same month in the previous year. The median days on market increased 115.4% from the prior month to 56 days. This is a 20% increase from the same period in the previous year.
Home Sales
The rate of home sales increased 35.5% from the previous month at 11 closed sales in March. This is only a 15.4% decline from the same month in the previous year when there were 12 closed sales.
Inventory – Months Supply
The number of homes available for sale declined by 29.4% from the previous month but there was no change from the same month in the previous year. The months supply of inventory was 1.2 months which is a slight dip from 1.8 months supply the previous month.
Market Summary
Although home prices have fallen during the month of March, this is probably not a sign of long term decline given similar rises and falls during the past 12 months. Inventory levels and home prices are generally lower during winter all the way into March due to the cool weather and a smaller pool of active primary home buyers. These factors loosen as the weather starts to warm. As we enter the spring buying season we probably will see buyer activity increase but overall inventory levels should remain low. As a result, home prices will likely show signs of improvement, as they have in the past two years at the start of the spring buying season.
If you want to sell your house in Cedar Hill, it is important to have an idea of your market conditions. The information above is not intended to provide you with an estimate of what your house might be worth or what you should pay for a house. It is intended to give you a short overview of the Cedar Hill real estate market and hopefully adds value in making your buying or selling decision.
The source for the above market data is derived from the North Texas Real Estate Information System.
