A new Trulia report shows that there are only about 1,000 starter homes listed for sale in the Dallas area, and that the starter price range, $150,000 or less, accounts for only 8 percent of local homes available.
The new data reveals how competitive the Dallas market can be for first-time homebuyers. Jim Fite, president of Century 21 Judge Fite Realtors, says, "When properties in the [entry] price range come on the market, 99 percent of the time there are multiple offers immediately," adding, "The record for multiple offers in this price range is 83 offers in three days." The Dallas Morning News reports that nearly 70 percent of the homes listed for sale in Dallas had a median list price of $460,990.
"This spring home-buying season, first-time homebuyers may feel as if their American Dream might be a nightmare," Trulia senior chief economist Cheryl Young said in the new report. "Starter homes have become scarcer, pricier, smaller, older and more likely in need of some TLC than they were six years ago when Trulia began monitoring housing prices and inventory."
