Dallas-area houses are more expensive and staying on the market longer
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Dallas-Fort Worth's median home sale price ticked up more than 3% in December compared with the previous year, according to Redfin data.
Why it matters: Home prices climbed in all of the 50 largest U.S. metros in December from a year earlier — a first since May 2022, per Redfin's analysis.
- Prices are staying high even though inventory is increasing and homes are staying on the market longer.
The big picture: Houses nationwide are selling at the slowest pace since March 2020, Redfin reported.
- U.S. housing inventory jumped nearly 17% in January from a year earlier, National Association of Realtors data shows.
Zoom in: Dallas-area houses sold slower than the national average in December, spending 60 days on the market before going under contract.
- That's 11 days slower than the national average and two days slower than in January 2019.
The intrigue: Prices are about as high as they were in March 2022, when houses were sitting on the market for just three weeks nationwide.
- In April and May 2022, Dallas-Fort Worth houses stayed on the market for just two weeks.
By the numbers: The median sale price for a house in Dallas in December was $424,900.
- That's up 3.6% compared with December 2023.
- The median sale price for a Fort Worth house in December was $361,425 — up 3.3%.
Reality check: Mortgage rates are higher than in 2022, when interest rates started to tick up from the extreme lows of the pandemic era.
- Median mortgage payments were 8% higher in January compared with a year earlier, per Redfin.
The bottom line: "Homes are taking a long time to sell largely because housing costs are so expensive — but for buyers who can afford it, there are a fair amount of homes to choose from," Redfin's Dana Anderson wrote in the report.