2024 property taxes will be based on the real estate market conditions and sales from the 2023 calendar year. Your home must be appraised as of January 1 of each tax year.
Learn more about how 2023 sales data from Dallas-Fort Worth informs your tax appraisal and our 2024 protest strategy.
Dallas-Fort Worth 2023 market data
The Texas A&M Real Estate Center published 2022 market data for the DFW Metropolitan Statistical Area. The 2023 sales activity is what will be used to value your property on your 2024 tax statement. The average sale price for a DFW home in 2023 was $488,244 compared to $484,589 in 2022. The median sale price was $395,000 in 2023, compared to $400,000 in 2022.
In 2023, inventory increased, and the number of days on market increased. Pricing has reflected this change, as evidenced by the slowdown in average market value growth rate.
Annual data may suggest a market increase, but it is important to consider the monthly sales data to ascertain an accurate reflection of value as of January 1, 2024.
Median sales price peaked at in May 2022 at $429,500, and then declined in subsequent months. Those sales prices for DFW bottomed out in January of 2023 at $375,000. Prices peaked again in June of 2023 at $410,000. Most importantly for this year’s protest season, the median sales price in January of 2024 was $382,000.
The overall annual median sales price of 2023 was $395,000 was less than the annual median value for 2022, at $400,000. This should mean that appraisal disctrict values will be relatively lower this year.
DFW median sale prices from 1989 through 2023
What sales data means for property tax protests
Part of our 2024 protest strategy is to remind the ARB that the appraisal districts erroneously applied increasing market adjustments for the entire year in 2023, and that is why the districts over appraised so many properties.
Remember, your property taxes in 2024 will be based on the real estate market conditions and sales from the 2023 calendar year. Based on current home prices, property taxes should be less than the 2023 tax year.
As your property tax consultants, it is our job to utilize market data to represent your case.
Not an existing NTPTS client? Learn more about how we help homeowners in Dallas County and North Texas save on their property taxes.
Register your property to have NTPTS protest your value for the 2023 tax year.