Dallas-Fort Worth homebuyers are getting older
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Millennials made up nearly 50% of mortgage purchase inquiries in Dallas-Fort Worth last year, less than in 2023, according to a LendingTree analysis.
Why it matters: High housing prices, near-6% mortgage rates and a shortage of affordable homes are keeping many shoppers, especially younger people, out of the market.
Zoom in: The median closing price was $389,715 in D-FW in September, down only slightly from last year, per the Texas Real Estate Research Center.
- The fast-paced housing market has slowed slightly in the past year with houses staying on the market for 95 days in September before they sold, up eight days year over year.
- The total sales volume has increased more than 5% since last year to 7,666 transactions through September for single-unit houses.
By the numbers: Millennials, those ages 28 to 43, made up 49.7% of mortgage inquiries in 2024, down from 52.1% in 2023 in the D-FW area, per LendingTree.
Between the lines: Seattle and the Bay Area — where local incomes may be better-matched to steep prices — saw the largest shares of mortgage inquiries from millennials, per the report.
Stunning stat: 57% of millennials say they couldn't have purchased a home without help from relatives, BMO bank research shows.
What we're watching: Just 7% of millennials are actively touring open houses or searching for homes in their area, Bankrate research shows.
- Many have stopped looking altogether because they can't afford the homes they want.