Irving Real Estate Market Overview - 2024

Irving Real Estate Market Overview

The Irving, TX housing market has been exhibiting diverse trends recently. Current data indicates Irving has a somewhat competitive real estate environment. Notably, homes in Irving are receiving multiple offers and are typically on the market for a median of 41 days.

In terms of pricing, the housing market information points to a median sale price for a home in Irving sitting at around This figure marks a significant increase compared to the previous year, with the price per square foot also rising to

However, not all trends point upwards. The median listing home price was recorded at $372.5K as of February 2024, showing a downward trend year-over-year. This suggests a potential cooling in the market or a normal fluctuation in housing prices.

An increased housing supply has also been noted, with a reported 11.2% increase in homes for sale, hinting at a market that is opening up more options for potential buyers.

In recent trends within the Irving housing market, several key metrics indicate notable changes: the median sale price has risen by 15.3% to $403K, while the median sale price per square foot has increased by 7.4% to $217. However, the median listing home price has decreased by 6.1% to $372.5K, despite an 11.2% increase in the number of homes for sale, totaling 327. The average days on market remains at 41, reflecting stable demand within the area.

It should be noted that large apartment complexes or high-rise apartments are the most common housing unit in Irving, TX, which reflects the city's housing unit composition. With this comprehensive view, potential investors and home buyers can approach the Irving housing market with confidence, equipped with the latest information.

Current Listings and Inventory in Irving

The Irving, Texas real estate market showcases a variety of listings that cater to a wide range of preferences, and the inventory levels give insight into the current housing supply and demand dynamics.

Homes for Sale in Irving, TX

Irving's housing inventory offers a diversity of homes currently listed for sale, reflecting the city's growing appeal. Properties range from affordable starter homes to upscale residences, appealing to a broad spectrum of buyers. For example, in February 2024, buyers were presented with a mix of available properties, with a median listing home price of $372.5K, showing a slight decrease compared to the previous year's trends.

Housing Supply and Days on Market

The tempo of the Irving housing market is encapsulated by its days on market and inventory statistics. As of recent reports, the median days on market in Irving was 29, indicating a robust turnover rate for homes. In contrast, there is also a reported average of 62 days on the market for some homes, suggesting variability in how quickly different types of properties are selling. Inventory fluctuations, as evidenced by a 7% relisting rate, demonstrate the dynamic nature of the Irving real estate market.

Pricing Analysis in Irving

The Irving real estate market exhibits distinct characteristics in terms of pricing, with current trends reflecting changes in the average home price and the median price per square foot. This section offers a detailed analysis of these pricing factors.

Average Home Price

In recent months, the Irving housing market has seen a notable increase in the average home price. As of the latest data, homes in Irving have reached a median sale price of approximately $403,000, indicating a significant rise of 15.3% compared to the previous year. This escalation in home prices signals a competitive market environment.

Median Price Per Square Foot

Analysis of the median price per square foot in Irving provides insight into the broader market dynamics. The current median price stands at about $217 per square foot, which also marks an increase of 7.4% since last year. This metric is a critical indicator of the market's health, demonstrating the area's desirability and the value buyers attribute to homes in Irving.

Housing Market Trends

Irving's real estate market is characterized by several key trends. A noteworthy observation is that homes have a median sale-to-list-price ratio of about 97.25%, slightly up from the previous year. Furthermore, a portion of homes, about 17.86%, are selling above the list price, pointing to a persistently competitive market. Conversely, compared to last year, fewer homes have experienced price drops, which may indicate a stabilization in the market conditions.

Recent Sales Data in Irving

Analyzing recent sales data provides invaluable insights into the current state of the Irving real estate market. This section specifically delves into the particulars of properties that have changed hands and their associated financials.

Recently Sold Properties

• 7880 Oxer Dr: This property stands as a prime example of the prevailing trends in the market.
• 1625 W 6th St: A notable sale that reflects current buyer preferences.
• 9721 Wolf Creek Dr: Its sale contributes to the overall understanding of the area's real estate dynamics.

The properties listed above represent a snapshot of the transactions that have recently occurred, helping to paint a broader picture of the Irving housing landscape.

Homes Sold and Median Sale Price

The volume of homes sold has direct implications for buyers and sellers alike, offering a glimpse into market activity. Median sale price, conversely, serves as a benchmark for valuing homes within the Irving market.

• Homes Sold: A robust number of homes have been sold, indicating an active market.
• Median Sale Price: Exhibits fluctuations reflective of broader economic trends and local demand.

The recent sales figures, including those from 7880 Oxer Dr, 1625 W 6th St, and 9721 Wolf Creek Dr, contribute to the composite median sale price, which is a critical metric for stakeholders within the real estate sphere.

Rental Market Insights in Irving

The Irving rental market presents an array of options for potential renters with varying median rent prices and vacancy rates. Observations cover a competitive landscape for properties including apartments and small apartment buildings.

Available Rentals

In Irving, renters can find a diverse selection of properties. They range from apartments costing an average of $1,544 per month to more substantial family homes. The options cater to a variety of preferences and budgets, with rentals that flexibly meet different needs.

Median Rent and Vacancy Rates

The median rent in Irving for March 2024 stood at $2,100, showing a slight decrease compared to the previous year. Meanwhile, the rental vacancy rate of 6.8% signifies a relatively stable market that is neither oversupplied nor undersupplied.

Small Apartment Buildings

Small apartment buildings in Irving provide an alternative to larger complexes, typically offering a more intimate and community-focused living experience. The average rent price of apartments in Irving was $1,544 last month, catering to those seeking affordability without compromising on the benefits of apartment living.

Property Types and Preferences in Irving

The Irving real estate market showcases a diverse range of properties, meeting various homeowner preferences. This section explores the most sought-after home types in Irving and compares the market dynamics of 3-bedroom and 4-bedroom homes.

Popular Home Types

In Irving, the housing landscape is characterized by a variety of styles, with single-family homes standing out as a popular choice. Buyers show a strong preference for homes that offer space and comfort, which is reflected in the frequent transactions of 3-bedroom and 4-bedroom houses. Additionally, the market for larger homes, such as those with 5 or more bedrooms, has seen a noticeable increase in demand, pointing to a trend where spaciousness is a significant priority for many buyers.

3 Bed vs 4 Bed Homes

When examining the market for 3 and 4-bedroom homes, there are distinct trends. For instance, 3-bedroom homes in Irving experienced a 5% increase in price, indicating steady demand. On the other hand, 4-bedroom properties saw a slightly lower price growth, with a 4.7% increase. This can suggest that while both types remain sought-after, 3-bedroom homes may be hitting a sweet spot between affordability and space, appealing to a broad spectrum of buyers.

Neighborhood Amenities in Irving

In Irving, Texas, the neighborhood amenities enhance the residential experience with commendable local schools and a variety of dining and recreational spaces. These amenities contribute to the city's appeal for families and professionals alike.

Local Schools

Irving’s education system is noted for its variety of elementary schools that serve as the educational foundation for the community's youth. Notably, North Irving Elementary School and Farine Elementary School are fixtures in the community, offering robust academic programs and supportive learning environments. They strive to foster both educational development and personal growth among their students.

Restaurants and Parks

The city boasts numerous restaurants that cater to a wide range of culinary tastes. From family-owned eateries to international cuisine, residents can enjoy flavors from around the world. For instance, The Ranch at Las Colinas is a popular spot that highlights local Texan ingredients.

In terms of recreation, parks in Irving serve as green havens within the urban landscape. Places like Centennial Park offer trails, playgrounds, and picnic areas, where residents can relax and enjoy outdoor activities. Another notable space, Victoria Park, provides a serene environment ideal for family outings and leisurely strolls.

Buyer and Seller Resources in Irving

When navigating the Irving real estate market, buyers and sellers benefit from a thorough understanding of verified approval processes and legal considerations. These resources provide a framework for secure and well-informed transactions.

Verified Approval Processes

Buyers often secure a verified approval when proposing an offer on a property. This process adds credibility, as lenders guarantee the buyer's credit, income, and assets, making their offer more competitive. For instance, getting a Guaranteed Rate approval implies that the lender has thoroughly checked the buyer's finances, thereby reducing uncertainty for the seller and speeding up the closing process.

Legal Considerations

The complexities of real estate transactions necessitate careful attention to legal considerations. Both buyers and sellers must understand their rights and liabilities, and comprehensive legal advice should be sought to avoid future disputes. It's vital for parties to consult with qualified attorneys to review contracts, ensure transactions align with current laws, and contend with any municipality-specific regulations governing the sale or purchase of property in Irving.

Market Analysis and Predictions in Irving

The Irving real estate market has demonstrated resilience and growth throughout the past year. According to RocketHomes, the median home list price in Irving as of February 2024 showed a 6.5% increase from the previous year, with a median price per square foot standing at $216.

Further underpinning this growth is the data from Redfin, which indicates a competitive market environment, with houses receiving an average of two offers and a typical selling time of around 41 days. Moreover, the median sale price observed a 15.3% year-over-year increase, reaching $403,000.

In February 2024, the median home list price in the area was $399,000, with a corresponding median price per square foot of $216. The actual median sale price slightly surpassed this list price, reaching $403,000, with 2 offers received on average per property. Properties typically spent 41 days on the market before being sold during this period.

These robust figures can be partly attributed to broader economic patterns. It is crucial to note that, while some uncertainty persists, a recession is longer forecasted, with economic growth stabilizing. This prediction from U.S. News & World Report carefully weighs the potential for market fluctuations.

The local real estate trends, combined with national economic predictions, present a cautiously optimistic outlook for Irving's housing market. As the market moves ahead, prospective buyers and sellers are encouraged to stay well-informed, utilizing resources like Orchard, which provides statistical data reflecting recent listing prices and market dynamics.

This data-driven perspective, grounded in figures from trusted entities such as the Census Bureau Data API, provides invaluable information shaping the understanding and anticipation of future market behavior in Irving's real estate landscape.

Data Integrity and Sources in Irving

When exploring the Irving real estate market, relying on accurate and securely managed data is crucial. The integrity of property listings and the handling of personal information are especially significant in maintaining trust and efficiency in the real estate ecosystem.

Accuracy of Listings

Property listings are the cornerstone of real estate transactions, and their accuracy is paramount. In Irving, Texas, market analyses, such as the Market Value Analysis, utilize local administrative data and expertise to ensure listings reflect true market values. Additionally, resources like Redfin provide up-to-date statistics on the average number of offers homes receive and their final sale prices, adding another layer of verifiability to ensure error-free information for buyers and sellers.

Handling Personal Information

Managing personal information with utmost care is a responsibility that all parties in the real estate industry must share. Any company involved in the Irving housing market must comply with applicable copyright laws and ensure that third parties do not misuse clients' personal information. This involves stringent data governance strategies, as outlined by an article on Medium, which highlights the importance of data quality and integrity in driving informed decision-making.

Frequently Asked Questions

The Frequently Asked Questions section provides insight into the dynamics of Irving's real estate market, touching upon trends, property types, value changes, local schools' impact, comparisons with neighboring areas, and future projections.

What are the current trends in the Irving real estate housing market?

The Irving housing market is characterized by a competitive environment where homes are selling for a median price of $403K, reflecting a significant increase from the previous year.

What types of properties are predominantly for sale in Irving, TX?

Properties in Irving predominantly range from single-family homes to larger multi-bedroom houses, catering to different preferences and investment strategies such as rent by the room.

How has the average home value in Irving changed over the past year?

The average home value in Irving has experienced an uptick, with the median sale price per square foot rising by 7.4%, signaling a steady appreciation in property values.

What is the impact of local schools on Irving property values?

Local schools play a significant role in property values, with higher-rated educational institutions often boosting the desirability and therefore the value of nearby homes.

How does the Irving housing market compare to neighboring areas?

When compared to neighboring areas, Irving's real estate market shows unique trends in terms of pricing and demand, often influenced by the city's economic development and demographic profile.

What are the projections for the Irving real estate market in the near future?

Projections for the Irving real estate market suggest continued growth, with technological advancements in the buying process and a strong employment sector contributing to market vitality.

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