Sale prices for homes in the Dallas/Fort Worth area have dropped more than in any other major U.S. city over a recent four-week period, according to data from Redfin. For the four weeks ending November 16, Fort Worth saw its median home sale price fall by 3.9 percent compared to the same time last year. This was the largest decline among the nation’s 50 most populous cities, while nationally, the median sale price rose by 2.3 percent.
Dallas tied with Jacksonville, Florida, for the second-largest decrease at 3.3 percent. In total, home prices fell in 18 of the top 50 cities during this period—the highest number in over two years.
Dave Bowman, who leads Century 21 Mike Bowman brokerage in Southlake, suggested that new home sales could be contributing to lower resale prices. “The builders are going to make deals, period. Now, they’re not going to go broke doing it. But they’re offering buyers incentives now; they have to. Whereas a seller, if they don’t have to sell, they’re not as highly motivated,” Bowman said.
Bowman also noted that despite current declines from their peak in 2022, Fort Worth’s home prices remain above pre-pandemic levels: “The big COVID boom was an anomaly of itself. I never saw price appreciation like that, and I’ve been doing this almost 40 years,” he said. “I think we’re getting back now to where we were before.”
Redfin reported that the median sale price for a Fort Worth-area home was $354,000 in October—$30,000 less than June 2022 but $88,000 higher than January 2021.
While Texas metros are seeing declines or slower growth compared to national trends, some Rust Belt cities posted significant gains over the same period. Cincinnati led with a year-over-year increase of 10.5 percent in sale prices; Pittsburgh, Detroit, Milwaukee and Cleveland followed closely behind.
Across Texas’ major metropolitan areas—known as the Texas Triangle—there has been a noticeable shift toward buyer-friendly market conditions throughout this year. San Antonio recorded the highest rate of canceled home purchases nationwide in July; Dallas and Houston had leading shares of discounted sales in August; Houston and Austin experienced some of the steepest drops in median home prices nationally in September; Austin had both a high ratio of sellers to buyers and suffered notable losses in average home value through November.
Further analysis on which regions have shifted from seller’s markets to buyer’s markets can be found at https://therealdeal.com/national/2024/11/14/which-regions-have-flipped-from-sellers-markets-to-buyers-markets/. Details about Austin’s position within Texas regarding home value losses are available at https://therealdeal.com/austin/2024/11/13/austin-leads-texas-triangle-in-home-value-losses/, and information on cities experiencing large numbers of price cuts is provided at https://therealdeal.com/national/2024/10/25/cities-with-the-most-home-price-cuts/.
