The Dallas housing market including West Kessler and North Oak Cliff in general, has benefited the last few years from favorable balance of supply and demand. Because of low inventory, tight credit, bidding wars and intense competition from investors and all-cash buyers, home prices have been fortified in not only West Kessler, but all of North Oak Cliff.
Below are some graphs that reflect the available inventory, average days to sell and median prices specifically for West Kessler over the last 3 years. It doesn’t take a degree in economics to understand the effects that supply and demand has on home prices. The graphs reveal a clear relationship between inventory, days to sell, and median home prices. There is an inverse relationship between inventory and prices. As the inventory increases, the median price will decrease.
Adding 42 units to our West Kessler neighborhood will have a detrimental effect on our home prices by exponentially increasing the inventory of homes on the market. This dilutional effect on the market won’t be limited just to West Kessler, but will also impact other nearby neighborhoods.