Dallas-Fort Worth surpasses Austin as Texas’ tightest major housing market

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 a new report from Texas Realtors.

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.

Dallas-Fort Worth real estate agents sold 97,119 homes in 2022, a 12.7% decrease from 2021, according to the report. That was still the second most sales among the four major Texas metro areas, behind Houston.

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.

Lower unemployment rates, increased per-capita income and continued population growth contributed to a strong seller’s market in most areas of Texas as both supply and prices increased, the real estate organization said.

Jim Gaines, an economist with the Texas Real Estate Research Center at Texas A&M University, expects the federal funds rate to plateau in 2023, impacting mortgage rates and construction lending rates.

https://www.dallasnews.com/business/real-estate/2023/03/13/dallas-fort-worth-surpasses-austin-as-texas-tightest-major-housing-market/