Argyle Real Estate Market Forecast 2023

Argyle Real Estate Market Forecast 2023

  • North Texas Team
  • 08/30/23

Located between Dallas-Fort Worth and Denton, Argyle has become a popular North Texas community for house hunters. Gentle hills, trees, and serene lakes surround luxury homes in this small community of just under 5,000 residents. Those seeking a peaceful country location enjoy Argyle as a quieter alternative to the sprawling nearby metropolises.

Argyle provides convenient access to U.S. 377, which serves as a pipeline to Dallas, plus countless hiking trails through the region’s oak groves and bluffs. Newly planned communities boasting custom homes by some of the region’s most respected architects have helped the housing market in this area flourish. Buyers looking for the ideal properties in Argyle will need to come prepared and ready to pounce on a listing they love quickly. Below you will discover the latest information you need to know about the Argyle housing market.

Argyle’s housing market forecast

After several years with a strong seller’s market, the real estate market has cooled nationally. Argyle is no exception. In fact, buyers can expect to find more reasonable median list prices at a near 7.1% lower than they were a year ago. This drop in prices is most pronounced among larger homes with five or more bedrooms. Buyers casting their househunting net within a broader geographic scope should know that neighboring towns, including Denton and Lewisville-Flower Mound, have actually seen median list prices rise in the past year. Consequently, focusing on a house search in Argyle may present an opportunity to get a better deal.

Those wondering about the long-term market forecast in Argyle should feel confident investing in this charming community. One report indicates that homeowners could see a 31.48% profit with a ten-year investment. This projection aligns with the fact that North Texas has become a popular region for transplants, and it looks like that trend will continue. Especially for those wanting to experience the Texas countryside while being within easy reach of Dallas or Denton, Argyle is a perfect choice.

Interest rates rise nationally

The record-setting interest rates of 2021, which slipped beneath 3% for well-qualified buyers, were unique and are unlikely to appear again. Buyers hoping to wait out the current rates in hopes that they will slide significantly lower could be biding their time indefinitely. Today’s average interest rate is 7.04% for a 30-year fixed-rate mortgage, and some experts think it could go even higher before the year ends. The direction the rate moves may hinge on the state of inflation, which the Federal Reserve has been trying to control, plus other economic conditions.

Buyers intent on finding their next home in Argyle should take advantage of lower median list prices, even if interest rates are higher. Homeownership in North Texas is a promising long-term investment, and buyers can start building equity now. They also can refinance loans if interest rates drop down the road.

Inventory projections make modest improvements

The past two years have involved lots of bidding wars and careful negotiations on account of low housing inventory. Sellers had the upper hand since the inventory in 2020 sat at a 1.9-month housing supply. For reference, a six-month supply should be expected in normal times. Buyers taking on the market right now can feel more confident about their chances of landing a home that meets their needs since inventory conditions are more favorable.

Today, existing home sales are down by 3.4% compared to last year. In addition, the number of homes for sale in Argyle is up by a staggering 24%. These numbers suggest that buyers will not need to engage in the intense bidding wars that were routine in 2020. Instead, they will have a larger pool of homes to consider, and they may even be able to gain some seller concessions during the negotiation process. Sellers may find themselves investing extra effort into making their homes stand out from a more crowded field. Such efforts could include addressing significant home repairs, like replacing a roof or updating a kitchen, before going live with listings.

Current housing market trends

Buyers eager to find a home in Argyle are entering a timeframe where conditions are more favorable. Home prices have cooled, and the inventory has increased. Furthermore, with North Texas’s population growth and ongoing appeal, buyers can trust that they are making a wise investment. After all, according to U.S. Census data, Argyle’s population has increased by 34.16%. With several master-planned communities under development, it does not look like that growth will stop anytime soon.

Yes, sellers may need to make more concessions, such as agreeing to make essential repairs or paying closing fees. Closing fees may include title insurance, inspection costs, and loan origination fees, among other costs. But on the plus side, homes are moving even more quickly than they did a year ago. In 2023, the average listing age of a home is just 56 days. Sellers can feel optimistic that their homes will not stagnate on the market for too long.

Navigate Argyle’s real estate market

Following several years that favored sellers, the 2023 housing market has stabilized to some degree. With more available homes for sale, sellers must present well-tended homes that compete for buyers’ attention. At the same time, buyers must be decisive and strategic in a market that continues to move quickly. Partnering with a good real estate agent is the best strategy for any buyer or seller tackling an ever-fluctuating market. They will know the latest shifts in market conditions and guide you toward decisions that meet your budgetary goals.

The North Texas Team possesses the expertise and client-focused approach that can help you buy or sell your home. We draw upon an intimate knowledge of the North Texas real estate landscape and strong professional relationships with lending institutions and contractors to ensure a smooth experience. Contact us today to explore Argyle real estate.

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