Heading into the spring housing market, buyers may have even fewer properties to chose from.
At the end of 2021, the number of homes for sale around the country was at a record low — down more than 40% from the end of 2019 before the pandemic hit, according to a new report from Zillow.
And in the Dallas-Fort Worth area, the available inventory of homes for sale was 42.4% below pre-pandemic levels.
Only 7,250 single-family homes were listed for sale with real estate agents in North Texas at the end of 2021.
“Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. housing market,” Zillow chief economist Jeff Tucker said in the new report. “Enough determined buyers kept up their house hunt to reignite monthly price appreciation.
“Rising mortgage rates could be the next potential headwind, but demand has proven persistent; neither high prices nor slim inventories have deterred buyers so far.”
Only 923,000 U.S. homes were for sale in December — a historically low number of properties for purchase.
And the typical home on the market around the country sold in less than two weeks, according to Zillow.
In Dallas-Fort Worth, the average time to sell a home was only 17 days in December, Zillow reports.
And houses typically sold for $344,919, up 25.2% from December 2020.
The end of the year resurgence in coronavirus cases may have caused some potential sellers to delay listing their houses for sale, according to the Zillow survey.
North Texas home sales by real estate agents have slowed in recent months due to a lack of properties on the market and affordability challenges which have discouraged some potential buyers.
In 2021, North Texas real estate agents sold 117,692 single-family homes, down a scant 1% from the previous year’s record high sales.
Recent increases in home mortgage costs are expected to further slow home purchases in 2022 and put downward pressure on prices.