According to a recent study conducted by online real estate giant, Zillow, Addison has a warm home market temperature. The Addison housing market is getting hotter every month. Based on three metrics (sale-to-list ratio, price cut prevalence and time-on-market) the market temperature provides information on the current balance of bargaining power between buyers and sellers.
The median home value in Addison has gone up 1.7% since this time last year. From roughly $202,000 in 2014, to just over $206,000 now. Additionally, home values are predicted to rise another 2.0% within the next year.
The median list price per square foot and the median rent price data, were not collected for this study.
The first step of the foreclosure process happens when a homeowner fails to make a mortgage payment. This is known as mortgage delinquency. The percent of delinquent mortgages in Addison is 9.2%, slightly lower than the national value of 6.0%.
U.S. home values have fallen by more than 20% nationally from their peak in 2007, until their trough in 2011. Many U.S. homeowners are now considered under water on their home mortgages. While some Dallas homeowners have literally found their homes under water, for the sake of this study, under water means homeowners owe more on their mortgage than their home is worth. 21.7% of Addison homeowners are under water, which is lower than the Chicago Metro area average of 23.7%.
