Sale prices for homes in the Dallas/Fort Worth area have declined more than in any other major U.S. city during a recent four-week period, according to data from Redfin. For the four weeks ending November 16, the median home sale price in Fort Worth dropped by 3.9 percent compared to a year earlier. This represents the largest decrease among the nation’s 50 most populous cities, while the national median sale price rose by 2.3 percent over the same time frame.
Dallas also saw a significant decline, tying with Jacksonville, Florida, for second place with a drop of 3.3 percent in median home sale prices.
Eighteen of the top 50 U.S. cities recorded declines in median home sale prices during this period—the highest number seen in more than two years—even as overall national prices increased.
Dave Bowman, who leads Century 21 Mike Bowman brokerage based in Southlake, suggested that new home sales may be putting pressure on 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 noted that while current prices are lower than Fort Worth’s peak in 2022, they 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 price for homes sold in Fort Worth was $354,000 in October—$30,000 less than June 2022 but $88,000 higher than January 2021.
Meanwhile, cities experiencing the biggest year-over-year increases were concentrated in the Rust Belt region; Cincinnati led with a rise of 10.5 percent followed by Pittsburgh, Detroit, Milwaukee and Cleveland.
All major Texas Triangle metros—Dallas/Fort Worth (DFW), Houston and San Antonio—have outpaced much of the country regarding shifts toward buyer-friendly markets this year. San Antonio led nationally for canceled home purchases in July; Dallas and Houston had the highest shares of discounted sales in August; Houston and Austin tied for largest decreases in median home prices nationally for September; Austin posted both the highest seller-to-buyer ratio and greatest loss in average home value according to Zillow reports for October and November respectively; and Austin also had the largest third-quarter decrease in median price per TRD Data.
