Talyn Provo is a real estate agent and team leader with Douglas Elliman Real Estate, a nationwide firm with offices in Dallas, Houston and Austin. She grew up in Flower Mound, and her team focuses on the northern Dallas-Fort Worth real estate market. After earning a marketing degree, Provo began in the industry in 2020.
This interview has been edited for clarity.
What trends are you seeing in the housing market?
What we're seeing a lot of, especially in cities like Flower Mound, are people relocating and buying homes from out of state. [Dallas-Fort Worth] has been such an affordable housing market for so long, and it still is a lot more affordable than other places in the U.S. In addition, the area is family-friendly and has great schools, which make it an appealing location.
Would you say the prices overall have gone up in recent years?
There have been substantial increases in the past five years. In June 2019, the median estimated value for homes in Denton County was around $300,000 and nearly $400,000 in Flower Mound. As of January, these prices have risen to over $450,000 and nearly $600,000, respectively. These prices are about $100,000 more than the averages for the state and the nation.
How has inflation impacted housing prices?
It's driving our prices up because the cost of materials and appliances have increased. That's pretty common and is more relevant for new construction projects. Five years ago, it would have cost $300,000 to build a home, and now that same home would cost $450,000 to build.
What changes do you foresee taking place in the housing market in the next year?
I think the market will remain pretty steady. We will see an increase in both active listings, resale properties and new-construction homes, which will allow buyers to be pickier. I think we will see more buyers that have been waiting for interest rates to drop enter the market. For the most part, the interest rates are expected to remain steady, but the market could see a decline going into next year, although it's unlikely to dip below 5%.
What advice would you give buyers in this market?
Make sure they are doing their research and interviewing multiple agents to find representation that is going to help them in this market. People oftentimes work with the first agent they meet, and that might not be the best fit for them. Location should always be priority over the house itself.
- Talyn Provo, sales agent and team leader at Douglas Elliman Real Estate
- 4514 Travis St., Ste. 200, Dallas
- www.elliman.com
