Sale prices for homes in the Dallas/Fort Worth area have experienced the largest decline among major U.S. metropolitan areas 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 the same period last year. This decrease stands out as the most significant among the nation’s 50 most populous cities, while the national median sale price increased by 2.3 percent over the same time frame.
Dallas shared second place with Jacksonville, Florida, each recording a 3.3 percent drop in median sale prices. Overall, 18 of the top 50 U.S. cities saw decreases in median home sale prices—the highest number of declines seen in more than two years.
Dave Bowman, who leads Century 21 Mike Bowman in Southlake, suggested that new home sales may 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 although current prices are below Fort Worth’s market peak in 2022, they remain well 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 a Fort Worth-area home was $354,000 in October—$30,000 less than June 2022 but $88,000 higher than January 2021.
In contrast to Texas trends, Rust Belt cities led gains in home values over the past year: Cincinnati recorded a jump of 10.5 percent—the largest among major metros—followed by Pittsburgh, Detroit, Milwaukee and Cleveland.
Within Texas’ so-called Triangle region (defined by Interstates 10, 45 and 35), several markets have surpassed national averages on various measures reflecting a shift toward buyer-friendly conditions this year. San Antonio led all U.S. metros for canceled home purchases in July; Dallas and Houston had the highest share of discounted sales nationwide in August; Houston and Austin tied for biggest drops in median prices nationally for September; Austin posted both the highest ratio of sellers to buyers in October and suffered the steepest loss in average home value according to Zillow figures released in November; TRD Data also found Austin registered the largest quarterly decline in median price during Q3.
For further context on which regions have shifted from seller’s markets to buyer’s markets or experienced significant home value changes:
Which regions have flipped from seller’s markets to buyer’s markets?
Austin leads Texas Triangle in home value losses
These cities are seeing the largest amount of home price cuts
