Almost 50% of active house listings in Fort Worth have had price reductions.
Buyers are preparing to reenter the market as it cools off and house listing prices decline. Those unable to compete with the bidding wars over houses are seeing a chance at buying again.
Inventory is on the rise as houses are selling less quickly. The month’s supply of homes should be around six months to balance the market, meaning it would take about six months for houses on the market to sell.
Supply increased in the past few months as the average time to sell has increased from 0.9 months in April to 2.2 in July. The rising supply is leading to a dip in house listing prices.
Dallas has been rapidly growing the past few years, leading to rising housing demand and insufficient supply, giving Dallas-Fort Worth metroplex the high prices we have seen this past year.
South Lake real estate agent Michael Hershenberger told the Dallas Morning News that this dip in pricing was a “correction that needed to happen.” Hershenberger believes the prices will continue to rise, but not at as fast of a pace as they had this past year.
The average home price in the DFW area was up by 15% from July 2021 to July 2022, according to a report from the Texas Real Estate Research Center. However, the average price is down 3% from June 2022. In the past two years, month-to-month prices have only varied by about 1%.
