If there's a listing under $300,000, it is usually off the market in a matter of days or weeks, not months, said Steve Habgood of Hewitt & Habgood.
"You got your starter home, your first-time homebuyer and select investors are still picking up properties in that price range," Habgood said. "It's moving incredibly fast.”
Alicia Schroeder of Dave Perry-Miller Real Estate is seeing the same thing in that price area. And it's not just the millennials craving the urban lifestyle. Schroeder is seeing a lot of empty-nesters looking to move downtown.
"If we had one- or two-story condos, we'd sell them all day long," Schroeder said.
Schroeder has been a realtor in North Texas for five years. Prices shot up in recent years, but she now thinks the market is starting to settle down through price reductions and houses being on the market longer.
Plus, home values in Oak Cliff were probably undervalued in the past, Schroeder said. So when home prices escalate 25 percent in that area, it's really just the market correcting itself.
And for the people who've waited for the next real estate crash for home values to drop, they've had a rude awakening.
"They've waited and waited and now they say, 'The stuff we could have bought a year ago is $60,000 more,'" Schroeder said. "There is a great struggle to find a great product under $400,000 where maybe two or three years ago you maybe could get something really great at that price point. There's just nothing out there."