Hello neighbor! It’s March 2022, so you already know it’s time for another Lochwood Market Update!
The table below shows how the market has changed from February 2021 to February 2022. The median sale price has increased significantly. Some of that price increase is attributed to rapidly increasing sale prices. However, it is also because more than half of the homes that sold last month were, 2200 square feet or larger. In February 2021, only one of the sales that closed was a larger home. I hope that makes sense. If it does not, please call me and I am happy to explain! Supply or inventory held steady, and median days on market decreased to less than a week. Closed sales increased, and pending sales (sales that will close in March) were pretty much even. Bottom line, homes are selling faster and for more money than ever!!
The table below is a break-down of each home sale that closed last month. Once again, homes that were priced correctly sold within days and for 100 percent or more of their list price. Homes that were priced too high accumulated more days on market and ultimately sold for less than the seller’s original asking price. It’s kind of the same story, but a different day 🙂
Reminder / Conclusions
I’ll leave you with a reminder that you will soon receive your assessed market value from the Dallas Central Appraisal District. This is the value that they will use to determine your property tax liability for 2022. This is the value that you can protest and potentially lower your property tax bill. Once again, I am happy to help you determine whether the value that they’ve assigned to your property is accurate. I do this free of charge, every year, for any neighbor who asks. All you have to do is reach out via phone, email or text. You can reach me at 214.793.8787 or email me at email@example.com