Year-End DFW Real Estate Review: Trends and Predictions for 2024

Well, like always, the New Year is here before we even had a chance to blink! 2024 has arrived, folks—are you ready for the big trends in Texas real estate

Chrissy your #DentonRealtor’s got you covered with this month’s in-depth look into the dynamic, ever-evolving world of home sales in good ole’ DFW.

Let’s start by checking out what 2023 was like (hint hint: it wasn’t as crazy as you’d think!).

The Texas Real Estate Trends of 2023

Looking back, the previous year wasn’t nearly as unpredictable as 2022 had been, and that includes in real estate! The market saw numerous changes as we left what appeared to be the tail-end of the pandemic and got back to a (somewhat) normal life.

One of the biggest things that happened in 2023 is that businesses started pushing their workers to go back to the office. The demand for bigger living spaces and home offices only eased a tiny bit—it seems that, once most people got a taste of a bigger home with a nice home office, they wanted to keep it that way.

However, plenty of businesses did stay fully remote, and many others switched to a hybrid schedule, which is why the previous year’s trends of big home offices likely stuck around—even working from home a couple of days a week makes a home office worthwhile.

On top of that, many people whose jobs went fully remote during the pandemic decided to move into larger homes that were farther away from their jobs than their previous homes (sometimes much farther).

Because of the push to go back to the office, the demand for these homes dropped somewhat, but since so many of these moves were simply to the suburbs (or all the way up here), and because many jobs became hybrid, few people moved back toward the big D.

It looks like only driving in a couple of days a week isn’t bad enough for most people to decide to give up their new lives in the suburbs.

However, unexpectedly, the luxury real estate market became red-hot, possibly because many people who could now move out of the big cities found that their budgets went a lot further in the suburbs. High-end properties and vacation homes saw an unprecedented surge in demand, including right here in DFW.

This wasn’t exactly great news because it dovetailed with a trend everyone in DFW is extremely familiar with at this point—low inventory. While inventory was low all across the country throughout 2023, it’s incredibly low in DFW, and it has been for decades, and it’s even lower in the luxury market.

Builders just couldn’t keep up in 2023, and that hasn’t changed much in 2024.

Prices Are Up Juuuuuuuust Slightly in DFW

While Texas as a whole saw a small drop in home prices over the last year (about 0.2%), the average home price in DFW is up just a tiny bit (about the same amount). However, over the summer, home prices spiked a bit, so we’re actually moving back down.

This is part of a downward trend in DFW and Texas driven by three larger trends—rising interest rates that are designed to push down inflation, the cost-of-living crisis that is still making things tough, and a small slowdown in people coming out our way from other states.

To put it bluntly, people are moving to DFW at lower rates than they once were, and even though inventory is still low, people aren’t buying like they were a year ago, which means prices are dropping slowly (and will likely continue to drop as interest rates remain at historic highs).

However, it’s important to keep in mind that the last few years were definitely a bubble, with prices hitting an all-time high last spring. To put this in perspective, rents for homes in Little D are 33% higher than they were in 2020, so even though prices are dropping (and remember, it’s only a tiny bit different from last year), home prices are still artificially high.

The Fed has also forecast a number of rate cuts for 2024. Combine that with the already-dropping rates (down about a percentage point in the last few months), and it’s likely that this price drop is temporary.

Will the DFW Housing Market Crash?

Friends, set your worries aside—DFW ain’t goin’ anywhere anytime soon. What we’re seeing right now is a market correction (and a small one at that). It’s very unlikely this is a crash.

DFW remains the place to be for many folks thanks to the influx of businesses establishing their headquarters here. It’s very unlikely that the low taxes and low regulations that have incentivized businesses to move here are going to change anytime soon, which means the jobs will keep coming (along with the people who have them).

And as long as we have new folks coming here regularly, they’re going to need houses. We might see prices go down slowly for a bit, but there’s no crash in sight, so you can rest easy!

And there’s another reason we aren’t going to see a crash—those pesky rates I mentioned earlier.

Rates Are Dropping Slightly—And Will Likely Keep Going Down

We saw rates cool down slightly—going down a full percentage point over the last two months—and the Fed is forecasting a few more cuts in 2024. That’s great news if you’re looking to buy—now might be the time.

However, there are no guarantees in life, and we can’t always be sure of what will actually happen when it comes to rate hikes or cuts. It all depends on what happens with inflation, and there’s a political aspect to it as well.

While builders are desperately trying to increase inventory, and while inventory has for sure improved over last year, it’s still low, and if those rate cuts come as predicted, it’s doubtful that the housing market will have gotten back to “normal”—there just hasn’t been time for interest rates to do their work on getting inflation back down.

What’s more likely is that home prices will start to creep up again and inventory will remain low. Now might be a better time than ever to buy, even with potential rate cuts in sight.

And remember, if you’re looking to buy or sell, no matter what the market is doing, Chrissy your #DentonRealtor is here to help you find the home of your dreams!

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Meet Chrissy Mallouf: Denton's Premier Real Estate Agent and TV Host

Experience the difference with Chrissy Mallouf, where real estate expertise meets a love for Denton! 

Your Trusted Denton County Realtor 

With an unwavering commitment to her beloved community and a thriving career in real estate, Chrissy Mallouf stands out as the quintessential Denton Realtor. Her journey through the heart of Denton's local real estate market has been nothing short of remarkable.

For over three decades, Chrissy has called Denton home, and this deep-rooted connection has allowed her to develop an unmatched expertise in Denton's real estate landscape.

From Banking to Real Estate 

Chrissy's path to real estate began after an impressive 16-year career in the banking industry, where she excelled in roles spanning consumer banking, commercial banking, and even the role of Director of Sales.

Her extensive experience in the financial sector equipped her with a unique set of skills that seamlessly transitioned into her real estate success. In 2008, she obtained her real estate license and embarked on a journey that would see her become one of the most trusted names in Denton's real estate market.

Recognitions and Accolades 

Chrissy's dedication to excellence has earned her numerous accolades, solidifying her status as a top Realtor in Denton. As the #1 agent at Keller Williams Realty Denton on multiple occasions, her impact on the local real estate scene is undeniable.

The Denton Record Chronicle has honored her with the prestigious "Best of Denton" title for an astonishing 10 consecutive years. She has been celebrated as the "Best of Denton County numerous years as well. 

A Community Leader and Influencer 

Beyond her impressive professional achievements, Chrissy is a passionate mentor who actively assists others in achieving their goals. Her influence in the Denton community has led to her being recognized as one of Denton's most influential individuals. Chrissy's commitment to growth and leadership is evident in her graduation from the Texas Association of Realtors Leadership Program and her past role on the Greater Denton/Wise County Association of Realtors Board of Directors.

A Family-Centric Approach 

Chrissy cherishes her role as a wife to John Mallouf and a proud mother of two wonderful children, Madison and Holden.

She expertly balances her life's demands, juggling her responsibilities as a top-producing Realtor with her family time. Together, they create cherished memories through travel and support their children in their various activities.

Active in the Community

Chrissy's commitment to her community extends to her involvement in several non-profit boards. She serves actively on the Denton Parks Foundation Board, contributes her time and energy to Denton ISD, and is a dedicated member of the Denton Benefit League.

You'll often find her lending her support to major community events like the Denton Holiday Lighting, Kiwanis Fireworks Show, and Denton Arts & Jazz. Chrissy is also a proud member of the Denton Chamber of Commerce and plays an essential role on the Keller Williams Agent Leadership Council.

A Host on the National Stage

In a delightful surprise to her real estate career, Chrissy recently embarked on a new adventure as a television host. She has been sharing her love for Denton and its local treasures on the national television show, The American Dream.

The show showcases lifestyle and real estate in various cities across the United States, with real estate professionals showcasing the areas they know and love.

Promoting the Hometown She Loves 

Chrissy's episodes on The American Dream take viewers on a journey through Denton's vibrant culture, sharing its local businesses, iconic spots, and hidden gems.

This opportunity allows her to introduce Denton to those who may not be familiar with its unique charm, further promoting the city she adores.

Stay Tuned 

As Chrissy continues her television hosting role, she will provide viewers with an insider's look into Denton's heart and soul, offering glimpses of its rich culture and community. Her dedication to Denton remains unwavering, and she is excited to share her insights with a broader audience.

In every sense of the word, Chrissy Mallouf is your #DentonRealtor, a tireless advocate for her clients, and an asset to the Denton community. When you're ready to make Denton your home, trust Chrissy to guide you through every step of the journey.

Experience the difference with Chrissy Mallouf, where real estate expertise meets a love for Denton!