There are a variety of ways to calculate how hot a residential real estate market is.
You can look at how much money homes are selling for. You can compare how much prices have risen over a certain period of time. You can look at how many homes have sold in a certain area, as the Dallas Business Journal did in our initial installment of “Hottest Hoods in North Texas.”
Or, as we’ll do today, you can look at days on market.
The National Association of Realtors defines this metric as the number of days from the date a home is listed for sale on the local multiple-listing service to the date when the seller has signed a contract for the sale of the property.
Judging by this metric, North Texas, as a whole, is still relatively hot — albeit not as sizzling as it was last year.