Southlake Real Estate Market Prices, Trends, and Forecast 2023

Southlake Real Estate Market Prices, Trends, and Forecast 2023

Real estate is one of the best long-term investments because it always recovers after a downturn. Despite the recent market volatility during the pandemic and interest rate increases at the end of 2022, the Southlake real estate market remains stable, and properties are still in high demand.

Southlake Housing Market Forecast 2023

Area home values are flat year-over-year

The area housing market is currently in a state of balance, with a relatively flat median home price year-over-year. While Tarrant County home prices have risen 2.6% compared to January 2022, the housing market has slowed following significant increases during 2022. The Southlake real estate market is expected to remain stable through 2023, making it an attractive option for buyers and investors alike. Experts predict that area home values will increase slowly over the next few years, but steady growth will be the norm. Investors and first-time buyers should keep an eye on the market for opportunities as it continues to heat up.

Interest rates are increasing, but mortgage rates are holding steady.

The Federal Reserve has said it will continue raising interest rates until it reaches its inflation target. The Fed is holding interest rates between 4.5% and 4.75%. While inflation is currently around 6.5%, the Fed is targeting 5.25%. Most experts predict 30-year mortgage rates to remain relatively steady throughout 2023, with 30-year mortgage rates ranging from 5% to 6%. Longer-term mortgage rates are likely to remain higher than short-term rates due to their greater volatility and lower inflation risk.

Southlake rentals are in high demand

Homeownership in Southlake is just under 95%, making rental units a scarce commodity. This has led to an increased demand for quality rental properties in the area. In 2023, it is expected that Southlake will continue to be a desirable location for both buyers and renters alike. In addition, almost 94% of Southlake properties are single-family homes, and only around 3% are apartments. At the same time, the price of Southlake real estate is only likely to appreciate in the coming years, making this a good time for investors to consider purchasing or developing rental properties.

Southlake rental properties are a solid investment

The average market rent in Southlake is $3,231, which is significantly higher than the national average and around 33% higher than the rest of the Dallas-Fort Worth area. At the same time, Southlake rents are likely to continue to rise as demand for housing continues to increase. Additionally, there are limited rental units available, which creates a strong demand for investment properties in the area.

Overall, the Southlake real estate market has seen a steady appreciation in value, making it an attractive option for investors looking for a reliable and profitable investment. The region offers numerous amenities that make it an ideal place for both buyers and renters. From schools and parks to shopping and jobs, the South lake area has everything needed for a comfortable and rewarding thriving community.

Tarrant County Housing Market Trends

In January 2023, the median home price for Tarrant County was $337,590, a 2.6% increase compared to 2022. Active listings are up 147% from a year ago as days to close rose from 62 to 89. Closed sales are also down more than 34% compared to a year ago. This signifies that buyers are waiting longer before making a move.

There are currently 1.9 months of inventory, compared to 1 month in January 2022. While this means more homes are available to buyers than during the hotter markets of recent years, it still needs to catch up to the balanced market conditions characterized by around six months of inventory. As a result, sellers are unlikely to encounter a saturated market within the coming years.

Southlake Median Home Price

The median house price in Southlake is $1,193,476, but fewer than a quarter of houses are valued below $768,000. Around 41% of Southlake homes are valued between $768,000 and $1,152,000, and another 38% of homes are valued above $1,152,000. Current price trends show that the average home price will continue to rise over the next few years.

The real estate market in Southlake is ripe with opportunities for both buyers and sellers. Prices are on the rise, but there is still a good mix of housing options.

The Southlake Real Estate Market Is a Solid Investment

The Southlake real estate market is a solid investment whether you are looking for a home for yourself or a property to rent out. The market is stabilizing, and the volatility of recent years is likely over. At the same time, the Southlake market is expected to see appreciation over the next few years.

Choosing an Agent Who Knows Southlake Real Estate

When you are planning to buy a property in the Southlake real estate market, it is vital to enlist the assistance of an experienced real estate agent. You need an agent who is well-versed in the local market and who can assist you in making an informed decision. When interviewing potential agents, ask about their marketing strategies and experience. An agent with the right skills and knowledge, such as those with the Robert Tyson Group, can ensure you make the best possible investment decisions.

Work With Us