Spring is in bloom, and along with warmer temperatures and more daylight, fields of flowers—including tulips or the state’s pride, bluebonnets—are one of the season’s gifts. Whether you’re looking for a family photo op or want to teach your kids about how flowers grow, you don’t have to go far to find spectacular displays. Here are some of our favorite spots across Dallas-Fort Worth.
Housing sales rebounded from last month’s drop despite mortgage rates remaining at elevated levels. The average home price grew alongside sales, with the cost rising over $9,000 since December 2023. Single-family starts decreased while permits increased.
Home Sales Skyrocket
According to the latest data, Texas had a 14.6 percent increase in total home sales month over month (MOM), resulting in 29,209 homes sold (Table 1). Notably, all major cities in Texas experienced an upswing in housing sales compared to fourth quarter 2023. The most significant increase was in Houston (37.3 percent) with a remarkable surge of over 2,000 additional sales compared to December. The rest of the Big Four experienced strong monthly gains of over 10 percent.
The state’s average days on market remained unchanged with both Dallas and Houston hovering at 50 days for the second consecutive month. Both Austin (74 days) and San Antonio (64 days) recorded decreases, falling by four and three days, respectively.
Statewide active listings rose slightly to 105,475. For the second straight month, San Antonio (12,542) was the only one of the Big Four to post a monthly increase at 2.4 percent. Austin had the largest drop in active listings with a 2.4 percent loss to 8,109. Dallas (22,008) and Houston (24,699) had reductions of less than half a percent.
The state’s new listings rose to 43,817 in January. All four major metros posted monthly increases with San Antonio leading the way at 14 percent. Houston also had a strong increase of 9 percent. Amid the rise in active listings, the months of inventory (MOI) increased to 3.7. Dallas fell from 3.1 to 2.7 since November.by 0.5 percent in January.
Mortgage Rates Remain Below Peak Values
Treasury and mortgage rates remain below their elevated 2023 levels as the ten-year U.S. Treasury Bondyield rose four basis points to 4.06 percent. However, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose 18 basis points to 6.64 percent.
Permits Rise, Starts Unchanged
Texas’ single-family construction permits increased 1.8 percent MOM to 12,723 issuances. Dallas continued its fall from last month, dropping 2.6 percent to 3,415 starts while Houston experienced a minor fluctuation of less than 1 percent. Austin and San Antonio reported strong increases of 7.9 and 14.3 percent, respectively.
Construction starts fell alongside permits, according to data from Dodge Construction Network. Single-family starts decreased 1 percent MOM to 11,908 units. Austin reported the only monthly increase among the Big Four, rising just shy of 2 percent. Houston (1.3 percent) and San Antonio (0.5 percent) moderated. Dallas starts plummeted in January, falling 22.1 percent to 2,537 starts.
The state’s total single-family starts value climbed from $2 billion in January 2023 to $2.7 billion in January 2024. Houston accounted for a third of the state’s total starts value. Starts activity is up from last year as Austin and San Antonio posted moderate increases.
Home Price Changes Mixed after Last Month’s Plunge
The state’s median home price rose 2.8 percent, reaching $341,840 (Figure 1). Among the major metropolitan areas, Houston and Dallas recorded the only increases, with 3.3 percent and 1 percent, respectively. Conversely, San Antonio saw home prices decline by 4.3 percent, which was the lowest among the Big Four. Notably, Austin had previously experienced the most significant price surge of 4.2 percent, but median prices decreased by 0.5 percent in January.
The majority of sales fall into the $200,000-$300,000 and $300,000-$400,000 price range cohorts, accounting for 27 and 25 percent of total home sales, respectively.
The Texas Repeat Sales Home Price Index (Jan 2004=100) grew 0.3 percent MOM and remains 2.6 percent higher year over year. Austin’s annual appreciation remains well below the states average, falling to 3.2 percent.
Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.
North Richland Hills, Texas, is a vibrant suburban city situated in the heart of the Dallas-Fort Worth metroplex. Boasting a strong sense of community and an abundance of parks and recreational facilities, North Richland Hills offers residents a high quality of life. With its diverse neighborhoods, excellent schools, and thriving economy, the city provides a welcoming environment for families and individuals alike.
Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts
POPULATION
70K
AVERAGE HOUSEHOLD INCOME
$101K
MEDIAN AGE
39
HOUSING
65% OWN 35% RENT
AVERAGE SALES PRICE
$358K
AREA ACTIVITIES & FEATURES
• NRH2O FAMILY WATER PARK • NYTEX SPORTS CENTER • COMMON GROUND COMMUNITY GARDEN • ADVENTURE WORLD PLAYGROUND • IRON HORSE GOLF COURSE • THE MAKER SPOT | COMMUNITY WORKS • WALKER’S CREEK SOFTBALL COMPLEX • ARTISAN CENTER THEATRE • LINDA SPURLOCK PARK
FAVORITE LOCAL DINING & DRINK SPOTS
• BOULEVARD CAFE • BAJA CANTINA • ENCHILADAS OLE • RED HOT & BLUE • MARISCOS EL MALECON • TOKYO SUSHI • V’S HOUSE • MI PUEBLO • SUNNY STREET CAFE • • SWEETIE PIE’S RIBEYES • THE CORNER CAFE • ZUROMA BAR & GRILL • BACK FORTY SMOKEHOUSE • BOSSES PIZZA • BRUTAL BEERWORKS • FALSE IDOL BREWING • • HANGRY JOE’S HOT CHICKEN • OCHA THAI CUSINE • • THE PATRIOTIC PIG • WHAT’S ON TAP • YUM YUM KABOB • SPICY ZEST CAFE & BOBA • THIRSTY TURTLE •
FAVORITE LOCAL SHOPPING
• THE SHOPPES AT CROWN POINT • PAINTED TREE BOUTIQUES • RICHLAND COMMONS • THE SHOPS AT NORTHEAST MALL • SHABBY CHIC BOUTIQUE •
AVERAGE DRIVE TIMES
• DOWNTOWN DALLAS | 50 MINUTES • DALLAS LOVE FIELD AIRPORT | 40 MINUTES • DFW INTERNATIONAL AIRPORT | 20 MINUTES • AT&T STADIUM & GLOBE LIFE FIELD | 30 MINUTES • DOWNTOWN FORT WORTH | 22 MINUTES
When navigating the world of insurance, it’s important to know the difference between title insurance and homeowners insurance.
As a crucial aspect of homeownership, insurance plays a pivotal role in safeguarding your investment and providing peace of mind. For many homeowners, understanding the nuances between various insurance types can be daunting. At Republic Title, we frequently receive inquiries about the distinctions between title insurance and homeowners insurance. In this article, we’ll delve into the differences between these two essential forms of insurance and why they’re both vital for protecting your interests as a homeowner.
Title Insurance
Title insurance protects the homeowner and lenders against financial loss arising from defects in the property’s title or ownership rights. These defects could include undisclosed liens, encumbrances, errors in public records, or even fraudulent claims to the property. Unlike other forms of insurance that protect against future events, title insurance insures against events that occurred or liens that were filed before the date of the policy.
Before a title commitment and policy can be issued a title company searches the property records to uncover any existing issues with the title, but even the most thorough title search may fail to uncover certain hidden defects. Title insurance provides a safeguard against these unforeseen issues.
There are two types of title insurance policies: Owner’s Policies and Loan Policies. An Owner’s Policy protects the homeowner’s ownership rights and remains in effect for as long as the homeowner or their heirs maintain an interest in the property. A Loan Policy ensures that the lender (if there is one) has a valid lien on the property and protects the lender’s interests in the property for as long as the lender’s mortgage is outstanding.
Title insurance premiums, which are regulated and set by the Texas Department of Insurance, are a one-time fee typically paid at the time of closing. In the event of a covered title defect, the title insurance policy will provide financial protection that includes, but is not limited to legal fees, settlement costs, and any loss in property value.
Before a home purchase can get the clear to close, it must make it through many hurdles. Republic Title has skilled staff available every step of the way.
Homeowners Insurance
Homeowners insurance, on the other hand, is a type of property insurance that provides financial protection against damage to the home and its contents, as well as liability for injuries or property damage caused by the homeowner or their family members. Unlike title insurance, which focuses on the property’s title, homeowners insurance primarily covers physical damage and liability risks associated with homeownership.
Homeowners insurance policies typically provide coverage for a wide range of perils, including fire, theft, vandalism, windstorm, hail, and water damage (excluding floods and earthquakes, which usually require separate coverage). In addition to damage to the physical structure of the home, homeowners insurance may also cover personal belongings such as furniture, clothing, and electronics.
In the event of a covered loss, homeowners insurance will reimburse the homeowner for repair or replacement costs, up to the policy’s coverage limits. Most homeowners insurance policies also include liability coverage, which protects the homeowner against lawsuits arising from bodily injury or property damage suffered by others while on the insured property.
Homeowners insurance premiums are typically paid on an annual basis. The cost of homeowners insurance will vary between insurance companies and due to factors such as the home’s location, construction materials, and the homeowner’s claims history. To ensure adequate coverage, homeowners should regularly review their insurance policies and adjust their coverage limits as needed to account for changes in property value or personal belongings.
Key Differences:
Coverage Focus: Title insurance focuses on protecting against defects in the property’s title, while homeowners insurance primarily covers physical damage to the home and personal belongings, as well as liability risks.
Nature of Risks: Title insurance protects against past events or defects in the title, while homeowners insurance protects against future events such as fire, theft, or liability claims.
Payment Structure: Title insurance premiums are typically paid as a one-time fee at the time of closing, whereas homeowners insurance premiums are paid annually or in installments.
Duration of Coverage: Title insurance remains in effect for as long as the homeowner or their heirs maintain an interest in the property, while homeowners insurance policies are typically renewed annually.
Coverage Limits: Title insurance coverage is based on the property’s purchase price, while homeowners insurance coverage limits can be adjusted to reflect changes in property value or personal belongings.
In conclusion, while both title insurance and homeowners insurance are essential for protecting homeowners’ interests, they serve different purposes and cover different aspects of homeownership. By understanding the differences between these two types of insurance, homeowners can ensure comprehensive coverage for their property investments.
Spring is in the air, and it’s time to start planning for some al fresco dining in the beautiful outdoor spaces that Dallas-Fort Worth has to offer. Whether you’re looking for a romantic spot for a date night or a place to catch up with friends over brunch, there are plenty of patios to choose from. Here are some of the best patios for al fresco dining in DFW this Spring.
One of the most picturesque patios in DFW can be found at Paradiso in the Bishop Arts District in Dallas. The vibrant colors of the surrounding foliage create a stunning backdrop to enjoy brunch and a signature cocktail. The patio is also pet-friendly, so you can bring along your furry friend to enjoy the warm weather too.
Another great option for al fresco dining is the patio at Rodeo Goat in Fort Worth. With its laid-back vibe and delicious burgers, this patio is the perfect spot for a casual lunch or dinner with friends. The large outdoor space is complete with picnic tables and plenty of shade, making it an ideal spot for warm Spring days.
New Central Appraisal District Procedures in Texas You Need to Know About
Beginning in 2024, a modification in the Texas Tax Code requires all Central Appraisal Districts to verify a property owner’s eligibility to continue to receive their homestead exemption. For most districts, this will consist of a review every five years, potentially necessitating some homeowners to reapply for their exemption. Should you receive notification from your Central Appraisal District, it’s crucial not to disregard it. Take proactive measures to confirm your eligibility and ensure ongoing access to the advantages provided by the homestead exemption.
What changed?
The new HMS law require the CAD to put a procedure in place to confirm exemptions are still applicable at minimum once every five years.
SECTION 1. Section 11.43, Tax Code, is amended by adding Subsection (h-1) to read as follows:
(h-1) The chief appraiser of an appraisal district shall develop a program for the periodic review of each residence homestead exemption granted by the district under Section 11.13 to confirm that the recipient of the exemption still qualifies for the exemption. The program must require the chief appraiser to review each residence homestead exemption at least once every five tax years. The program may provide for the review to take place in phases, with a portion of the exemptions reviewed in each tax year.
SECTION 2. The chief appraiser of an appraisal district shall develop and implement the program required by Section 11.43(h-1), Tax Code, as added by this Act, not later than January 1, 2024. The program must provide that the first five-year review cycle required by that section begins on that date.
SECTION 3. This Act takes effect September 1, 2023
What didn’t change?
Duty to notify- Property owner must notify the chief appraiser in writing before May 1 of the year after his or her right to this exemption ends.
No requirement to refile annually- Property owner does not need to reapply annually, but must reapply if the chief appraiser requires additional information or reapplication.
What does that mean to me?
In an effort for CAD to verify applicable exemptions, homeowners may receive requests by the chief appraiser to reapply for the existing exemptions. Failure to not respond to these requests may result in a loss of all exemptions for the current calendar year and future years. Do not ignore requests from the CAD for reapplication or additional information.
What documentation may be required?
Along with a completed application. “Attach a copy of property owner’s driver’s license or state-issued personal identification certificate. The address listed on the driver’s license or state-issued personal identification certificate must correspond to the property address for which the exemption is requested. Property owners who reside in certain facilities or participate in a certain address confidentiality program may be exempt from this requirement. The chief appraiser may waive the requirements for certain active duty U.S. armed services members or their spouses or holders of certain driver’s licenses.”
Are you sure this isn’t fraud?
If you are concerned the request is fraudulent, please contact the CAD at the numbers below. Remember there is NO fee to apply for exemptions or reapply for exemptions.
As the North Texas real estate market gears up for the spring season, there’s an air of optimism and anticipation. With several factors at play, this year’s spring market promises to be dynamic and promising for buyers and sellers alike.
This outlook is provided by Republic Title, an industry leader and title expert with over 30 years of experience in North Texas, who closely monitors market trends and provides valuable insights to stakeholders in the real estate industry.
1. Dallas-Fort Worth Ranks as The No. 2 Hottest Housing Market
According to the latest RE/MAX National Housing Report, the Dallas-Fort Worth Metroplex has secured its position as the No. 2 hottest housing market in the nation. This ranking underscores the region’s enduring appeal and resilience, positioning it as a top destination for homebuyers and investors alike. With demand remaining robust and inventory levels tight, the D-FW housing market is poised to continue its upward trajectory, offering promising opportunities for both buyers and sellers.
2. Anticipated Faster Recovery Than The National Average
Despite economic fluctuations, North Texas is expected to rebound faster than the national average. The region’s diverse economy, coupled with its strong job market and population growth, serves as a catalyst for recovery. As businesses expand and economic activity resumes, consumer confidence is expected to strengthen, further fueling housing market activity. This accelerated recovery trajectory bodes well for homeowners and prospective buyers, signaling a return to growth and prosperity in the North Texas real estate market.
Home prices are expected to rise during this year’s spring market.
3. Projected Rise in Home Prices
Home prices in North Texas are anticipated to continue their upward trajectory during the spring market. Limited inventory coupled with high demand exerts upward pressure on home prices, making it a seller’s market in many areas. Buyers should be prepared to act quickly and competitively to secure desirable properties, while sellers stand to benefit from favorable pricing dynamics. Despite affordability challenges, the prospect of lower mortgage rates in the near future may provide some relief for buyers.
4. All Eyes on The Federal Reserve
As the real estate market enters the spring season, all eyes are on the Federal Reserve and its monetary policy decisions. While most experts do not predict an immediate drop in mortgage rates, there is speculation about potential rate adjustments later in the year.
For those in the homebuying market, an option to consider is to proceed with a purchase now and explore the opportunity to refinance when rates are expected to decrease. This strategic approach allows buyers to take advantage of current market conditions while keeping future opportunities in mind.
According to statistics from the U.S. Burea of Labor Statistics, Dallas has the second fastest-growing job market in the country.
5. Dallas Boasts the Second Fastest-Growing Job Market
According to the U.S. Bureau of Labor Statistics, Dallas continues to solidify its reputation as a thriving economic hub, with the second fastest-growing job market in the country. The region’s diversified economy, business-friendly environment, and skilled workforce attract businesses and talent from across the nation.
As job opportunities abound and wages rise, North Texas remains an attractive destination for professionals and families seeking career advancement and economic prosperity. This robust job market not only drives housing demand but also fosters long-term stability and growth in the real estate sector.
6. Vigilance Against Wire Fraud Scams
Despite the positive outlook for the spring market, buyers, sellers, and real estate professionals must remain vigilant against wire fraud scams. With the increasing reliance on digital platforms for transactions, cybercriminals continue to target unsuspecting individuals in real estate transactions.
It’s essential for all parties involved to exercise caution, verify the authenticity of communication channels, and implement secure payment protocols to mitigate the risk of wire fraud. By staying informed and adopting best practices for cybersecurity, stakeholders can safeguard their interests and ensure a smooth and secure real estate transaction process.
In conclusion, the spring market outlook for residential real estate in North Texas is marked by optimism, resilience, and promising opportunities. With favorable market conditions, anticipated interest rate adjustments, and a robust job market, the stage is set for a vibrant and dynamic season ahead.
Ready to navigate the North Texas real estate landscape? Ask your real estate agent about Republic Title and let our experienced team guide you to your real estate goals!
Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.
Murphy, Texas, is a thriving suburb nestled in Collin County, just northeast of Dallas. Known for its tranquil neighborhoods and top-rated schools, Murphy offers residents a peaceful yet convenient lifestyle. With well-maintained parks, community events, and easy access to nearby shopping and dining options, Murphy is an ideal place for families and individuals seeking a close-knit community atmosphere.
Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts
POPULATION
21K
AVERAGE HOUSEHOLD INCOME
$159K
MEDIAN AGE
39
HOUSING
90% OWN 10% RENT
AVERAGE SALES PRICE
$588K
AREA ACTIVITIES & FEATURES
• SACHSE HISTORICAL SOCIETY MUSEUM • MUDDY CREEK NATURE RESERVE • SACHSE PUBLIC LIBRARY • JOE J. AND PATRICIA D. STONE PARK • HAPIK DALLAS FIREWHEEL • SALMON PARK
FAVORITE LOCAL DINING & DRINK SPOTS
• SACHSE ICE HOUSE • BOP JOA •FRANKIE’S MEXICAN CUISINE • OSAKA HIBACHI SUSHI AND BAR • WOODBRIDGE CAFÉ • THE BRASS TAP • PRIMO BROTHERS PIZZA • • PHO STATION • DOUGH GOURMET PIZZA • THE FILLMORE PUB • TAQUERIA GUANAJUATO • YE SHIRE TAVERN • • MR. PIDE • PANDA CHEF • GYROS & KABOBS • THE TIPSY CHICKEN • MANNY’S TEX-MEX • SACHSE NUTRITION •
FAVORITE LOCAL SHOPPING
• FIREWHEEL TOWN CENTER • LAVISH REALM • ALLEN PREMIUM OUTLETS • AESTHETIC BOUTIQUE •
AVERAGE DRIVE TIMES
• DOWNTOWN DALLAS | 42 MINUTES • DALLAS LOVE FIELD AIRPORT | 40 MINUTES • DFW INTERNATIONAL AIRPORT | 35 MINUTES • AT&T STADIUM & GLOBE LIFE FIELD | 50 MINUTES • DOWNTOWN FORT WORTH | 65 MINUTES
February 2024 showed positive trends in terms of increased new listings, active listings, and a decrease in days on market across North Texas. However, closed sales varied, with some counties experiencing notable declines. Additionally, while the average sales price increased in most counties, Collin County stood out with a slight decline. These variations indicate a dynamic real estate market with differing trends across different counties in North Texas.
New Listings: – Overall Trend: All counties experienced significant increases in new listings compared to February 2023, indicating a surge in properties entering the market. – Notable Difference: Collin County saw the highest increase at 46.6%, while Denton County followed closely with a 38.6% increase.
Active Listings: – Overall Trend: Active listings rose across all counties, suggesting growth in available inventory compared to February 2023. – Notable Difference: Dallas County had the highest increase at 30.9%, while Denton County had a notable rise of 20.6%.
Days on Market: – Overall Trend: Days on market decreased in most counties, indicating properties sold faster compared to February 2023. – Notable Difference: Denton County experienced the most significant decrease at 12.7%, while Tarrant County saw a more modest decline of 1.9%. Rockwall County was an outlier with a 13% increase in days on market over February 2023.
Closed Sales: – Overall Trend: Closed sales varied across counties, with some experiencing slight declines while others saw more significant decreases compared to February 2023. – Notable Difference: Denton County had the highest decline at 11.8%, whereas Collin County saw a slight decrease of 2.9%. Rockwall County was an outlier with a 3.9% increase in closed sales over February 2023.
Average Sales Price: – Overall Trend: The average sales price increased in most counties, indicating a positive trend in pricing compared to February 2023. – Notable Difference: Collin County experienced a slight decline of 1.3% in average sales price, contrasting with the overall upward trend observed in other counties.
Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.
Spring is a wonderful time to explore the Dallas-Fort Worth area and experience some of the exciting festivals and events that take place during this season! From cultural celebrations to food festivals, there’s something for everyone to enjoy. Check out some of our favorite Spring Festivals below or download our list of Spring Festivals and Events in the DFW Area Resources section on our website here: https://www.republictitle.com/dfw-area-resources/
