Nearly 75,000 people moved to North Texas in 2020, at a time when supply chain issues and the soaring cost of lumber slowed the construction of new homes.
“A lot of people, when they think of buying a house, they think of what they see on TV: that we’re going to pick out a bunch, whichever one we like the best, that’s the one that we’re going to jump on and hopefully win,” McKinney-based realtor Jared Tye said.
Instead, buyers are finding a fast-moving housing market where mid-priced homes go under contract within days, or even hours, of hitting the market.
“It’s really wild,” Tye said.
Inventory Down, Prices Up
North Texas Real Estate Information Systems found median home sales prices shot up 26% from last May to $332,573. May 2021 prices are up 23% since May 2019.
Jim Gaines, an economist with the Real Estate Research Center at Texas A&M University said several factors impact prices in North…