According to a report from Texas REALTORS®, Dallas-Fort Worth has overtaken Austin as the tightest major housing market in Texas. Despite a slowdown in activity, home prices in DFW rose faster than in any other major metropolitan area in 2022.
The report shows that DFW has the tightest inventory of the state’s largest metro areas, with only 2.2 months of homes available at the end of 2022, while the statewide housing inventory rose from 1.2 months at the end of 2021 to 2.7 months at the end of 2022. DFW’s median home price rose by 15.6% to $400,000, while Austin’s home prices grew the least by 11.2%, and the median price of a home in North Texas is still $102,000 less than in the Austin area. Although real estate agents in DFW sold 97,119 homes in 2022, a 12.7% decrease from 2021, it was still the second-most sales among the four major Texas metro areas, behind Houston.
The number of homes sold statewide in 2022 decreased by 11.3% from the previous year, with 367,472 sales after two years of growth, but was still the state’s third-highest on record. The real estate organization attributes the strong seller’s market in most areas of Texas to lower unemployment rates, increased per-capita income, and continued population growth. However, the spike in mortgage rates caused by higher construction and mortgage lending rates led to a slight decrease in the number of home sales in 2022.
Texas Real Estate Research Center at Texas A&M University expects sales to revert to normal levels as the federal funds rate is expected to plateau in 2023, impacting mortgage rates and construction lending rates.
Our Track Record
I’m excited to announce that after 18 years of providing dedicated service, our clients have collectively saved over $10,000,000 in commissions! Among these savings are over $1,100,000 for clients who found unrepresented buyers and were able to avoid any selling costs. On top of that, we’ve distributed more than $330,000 in incentive rebates to over 100 satisfied buyers. These remarkable achievements are a true testament to our commitment to providing high-quality, cost-effective real estate services to our clients.Tod G. Franklin – Realtor®, Broker, Owner, and multi-million dollar producer at DFWCityhomes
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DFWCityhomes is an established and highly regarded Flat Fee MLS Listing Service company in Texas. We have been providing dedicated service for almost two decades delivering personalized service to each client. As the best Flat Fee MLS Listing Service in Texas, we offer affordable and excellent service, while our track record showcases our commitment to professionalism, integrity, and customer satisfaction.