The city of Dallas, TX is the sixth largest city in the United States and has a wide-variety of residential real estate options, including many condominiums and townhomes.  The supply of condos and townhomes has slowly increased over the last 20 years as development of these units has increased.  In some cases, homes in older neighborhoods have been replaced by townhome and condo developments, and many older buildings that were once used for industrial uses have been repurposed into condominiums.  The Uptown area, one of the most walkable areas in Dallas, has seen an explosion of condo and townhome construction since the late 1990s.

As the population of Dallas continues to increase, density will need to also keep increasing to provide housing for all the new residents.  One of the most efficient ways to increase density is to repurpose old buildings for new housing, and they are often repurposed as condos and townhomes. As this has happened over the last several years, many areas of Dallas that were once only navigable by vehicle have become more walkable and pedestrian friendly, and new retail has sprung up to meet the demands of the new residents in these increasingly dense areas.  The best examples of this in Dallas proper are the Uptown, Downtown and East Dallas/Knox/Henderson areas.

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Median Sales Price Chart for Condos and Townhomes in Dallas, Texas

As Dallas has grown, prices have increased for all property types.  There has been extensive new construction of both condominiums and townhomes in Dallas in recent years.  The median price of townhomes is actually higher than single family homes most months.

Median Sales Price Per Square Foot Chart for Condos and Townhomes in Dallas, Texas

The median price per square foot has also risen for all property types, and the price per foot for both condominiums and townhomes is higher than single family homes most of the time.  This is reflective of the amount of new and recently built condos and townhomes.

Median List Price Chart for Condos and Townhomes in Dallas, Texas

List prices tend to be higher during peak selling months and lower during the slower fall and winter months.

Average Days on Market Chart for Condos and Townhomes in Dallas, Texas

Due to most months having a higher supply relative to demand for condos and townhomes, their average days on market is often higher than for single family homes.

Average Days on Market Chart by Price Range for Condos in Dallas, Texas

The 12 month trend of average days on market for condos shows the lower price points of $250K and under are still selling faster on average than the higher price points.  In general, lower price points sell faster and higher price points take longer to sell on average. The construction of many new condo developments has contributed to more supply, and thus the marketing times have increased in recent years for all price points after reaching historic lows during the peak of the real estate boom.

Average Days on Market Chart by Price Range for Townhomes in Dallas, Texas

The 12 month trend of average days on market for townhomes shows similar results to the condo market.  The lower price points tend to sell faster than the higher ones, although sometimes they slightly alternate.

Months Supply of Home Inventory Chart for Condos and Townhomes in Dallas, Texas

The monthly supply of all residential real estate has been in a seller’s market for many years after the recovery from the Great Recession, but the supply of condos and townhomes has typically been slightly higher than single family, at least in terms of supply relative to demand.  A market with fewer than four months of supply tends to favor sellers whereas markets with 4-6 months of supply are more neutral. The supply of condos has begun to outpace other property types at a higher rate over the last few years, and this is more prevalent with pre-existing condos as there’s a higher demand for new construction.

Months Supply by Price Range of Condo Inventory Dallas, Texas

The supply of condominiums in the Dallas market has some significant variance between price points.  As prices have risen in Dallas over the last several years, the supply of condos at the lower price points has decreased relative to demand.  Inventory of the mid-tier ($250-$500K) price points has held mostly in the range of a weak seller’s market but has started moving to more of a neutral market recently, whereas there’s been an oversupply of condos priced over $500K.  Supply has been gradually increased relative to demand over the last few years at all price points.

Months Supply by Price Range of Townhome Inventory Dallas, Texas

The supply of townhomes also varies significantly between price points.  As prices have risen, the supply of townhomes priced under $250K has decreased over time, and there aren’t many areas of Dallas where one can still find a townhome priced this low.  Supply of condos in the mid and top tier price points have increased somewhat in recent years after hitting historic lows, with some months seeing a modest oversupply of townhomes in the $500K and higher price point.

Average Percentage of List Price Received for Condos and Townhomes in Dallas, Texas

The list price to sales price ratio for condos and townhomes tends to mostly move in-tandem with each other as well as single-family homes.  The seasonal changes are apparent, with all property types typically selling closer to their list prices in the busier selling months of spring and summer.  Townhomes have occasionally received slightly higher sale prices relative to their list price with condos sometimes lagging behind both other property types due to higher supply relative to demand.

Average Percentage of List Price Received by Price Range for Condos in Dallas, Texas

The 12 month trend of the list price to sales price ratio shows an interesting trend of the lowest price points selling for closer to list price during the peak years of the real estate boom, but those ratios have inverted recently. This is due to a larger demand for mid-tier priced new construction condos for which there has been a higher demand.

Average Percentage of List Price Received by Price Range for Townhomes in Dallas, Texas

Townhomes have typically sold for closer to their list price than condos, and there’s generally less variance between price points. At various times there has been an oversupply of listings at one price point while others have had shortages which has resulted in the variances sometimes changing between price points.

Active Listings For Sale of Condos and Townhomes in Dallas, Texas

The number of active listings of single family homes always far-exceeds the number of condos and townhomes for sale in Dallas, but the number of condo and townhome listings have risen in recent years due to so much new construction of both.  Condos have seen the largest rate of increase as there are just more places to build them and more older buildings that have been converted into condos whereas townhomes are generally only built as new construction (vs repurposing).

Active Listings by Price Range for Sale of Condos in Dallas, Texas

Here we see the number of condos that have increased for each price point along with the overall increase in condo inventory.  The percentage of increase has been highest in the low and mid-tier price points but the $500K+ market has also increased, albeit at a slower pace.  The largest number of active listings is normally found in the sub-$250K price points but this may change if prices continue to rise.

Active Listings by Price Range for Sale of Townhomes in Dallas, Texas

The market for townhomes is quite different than condos when analyzing inventory by price point, with a significant shift seen over the last several years that’s left the sub-$250K inventory at the lowest inventory levels of all the price points. The townhome market has seen significant growth fueled by new construction in many areas of Dallas, especially in Uptown, Oak Lawn, and East Dallas in the Lower Greenville, Knox/Henderson and East Village areas.

New Listings of Condos and Townhomes in Dallas, Texas

In any given month, the number of new condo listings usually outnumbers townhomes by a three or four to one ratio. But single family listings still outnumber both by a wide margin.  While the number of new listings typically peaks in the spring and summer months and declines in the fall and winter, there’s a smaller variance between seasons for condo listings.

New Listings by Price Range of Condos in Dallas, Texas

As prices have risen and more condos have been built, the number of new listings has increased at the mid and higher-tier price points while remaining somewhat steady in the sub-$250K market.

New Listings by Price Range of Townhomes in Dallas, Texas

New listings by price point for townhomes are all over the map and very seasonal, but the quantity of new listings priced under $250K has declined significantly over the last several years while the largest growth has occurred in the $500K+ market.

Pending Sales of Condos and Townhomes in Dallas, Texas

Pending sales have followed the same trend as new listings with condos outpacing townhomes by a ratio of three or four to one most months.

Closed Sales of Condos and Townhomes in Dallas, Texas

The busiest months for closings for both condos and townhomes are late spring and sometimes June.  The slowest month is almost always January.

All data is provided by NTREIS and deemed reliable but not 100% accurate.  Charts are powered by 10K Research.