Cowtown Homebuyers Losing Ground

Home for sale | Image by William Barton/Shutterstock

Things are not looking good for prospective homebuyers in Fort Worth, according to a recent report by Axios:

“Fort Worth residents’ home buying power has decreased the most out of major Texas cities in the past 50 years, per an Axios analysis of a RealtyHop study.

Why it matters: Housing inventory is finally starting to increase in Dallas-Fort Worth after years of minimal buying options.

State of play: In February 2022, there were slightly more than 4,000 active listings in the metro. In April of this year, there were about 18,500 listings, per Realtor.com data compiled by the Federal Reserve Bank of St. Louis.

Yes, but: Homes are still drastically more expensive than before the pandemic, with a 44% increase in the Dallas area.

Case in point: The average sales price for a D-FW house rose 3% from April 2023 to this year, reaching $505,446.

Context: Home buying power in Fort Worth decreased 58% from 1970 to 2022, per the Axios analysis.

  • In Dallas, home buying power dropped almost 56%.
  • Home buying power is the ratio of annual income versus the average house price in 1970 (when boomers started buying starter homes) compared to 2022.”

To read the entire article by Axios, please click HERE.

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