Dallas-Fort Worth is proving to be more resilient to the recent slowdown in homebuying than other parts of the state.
While housing supply increased throughout Texas in 2022, Dallas-Fort Worth emerged with the tightest inventory of the state’s largest metro areas with 2.2 months of homes available at the end of the year, according to aA year before, the Austin market was the tightest in the state with just over half a month of supply, but D-FW was not far behind at 0.8 months. A balanced market between buyers and sellers would have about six months of supply available.
D-FW’s median price rose 15.6% to $400,000. Austin home prices grew the least by 11.2%, but the median price of a home in North Texas is still $102,000 less than in the Austin area. The number of homes sold statewide in 2022 decreased 11.3% from a year before with 367,472 sales after two years of growth, but was still the state’s third-highest on record.
“The economic conditions throughout the state resulted in another year of high demand, while the report data indicates that market dynamics have largely leveled out after the 2020 pandemic,” Texas Realtors chairman Marcus Phipps said in a statement.
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