In 2023, DeSoto, Texas, saw its real estate market continue to thrive, with a median sales price of $345,000 for single-family homes. This represented a modest 1.5% increase from 2022 and a remarkable 181% surge from the depths of the Great Recession in 2008. However, the market saw a shift as the days on market more than doubled from 24 days in 2022 to an average of 53 days in 2023, indicating a cooling trend. Despite this, the city remained in a seller's market, with less than 90 days considered as such.
The number of homes sold in 2023, totaling 494, marked a 13% decline from the previous year and a 40% decrease compared to 2008, indicating a trend of low inventory. Notably, 2023 saw the lowest number of homes sold since 2011, underscoring the persistent inventory challenge faced not only by DeSoto but also the wider Dallas-Fort Worth area.
Looking ahead to 2024, the seller's market is expected to persist, buoyed by declining interest rates, which stood at 6.61% for a 30-year fixed mortgage as of December 31, 2023. While buyers will remain active, the frenzied bidding wars of the past may subside. Affordability concerns persist for buyers across the DFW area, but DeSoto, particularly in the $300,000 - $400,000 price range, is poised to continue its strong performance. Sellers considering listing their DeSoto homes can anticipate favorable equity returns, albeit amidst a more tempered market atmosphere.
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Desoto Historical Real Estate Statistics & Trends
The sales price distribution trend for Desoto is the pattern and distribution of home sale prices. The trend illustrates how properties are priced and sold across various value ranges, providing insights into the overall market dynamics and buyer/seller behavior.
