North Texas Housing Market Continues to Normalize as Buyers and Sellers Adjust
The North Texas single-family housing market continues to move through a period of normalization, with sales activity moderating while home prices remain relatively stable.
According to the latest MetroTex market data, 7,329 single-family homes sold, a 5 percent decline from the same period last year. Dollar volume fell 4 percent to approximately $3.73 billion.
Despite the decline in sales, prices held steady. The average sales price increased 1 percent to $509,071, while the median sales price remained unchanged at $390,000.
For REALTORS®, that distinction is important.
A slower market does not necessarily mean a declining market. The latest numbers suggest that buyers and sellers are adjusting to a higher-cost environment, with affordability and mortgage rates continuing to influence the pace of transactions.
Buyers have more choices—but remain selective
There were 31,072 active listings at the end of the period, down 6 percent from a year earlier. With 4.3 months of inventory, buyers continue to have substantially more choice than they did during the pandemic-era seller’s market.
At the same time, buyers are showing greater selectivity.
Pending sales declined 11 percent year-over-year to 6,620 transactions, while new listings fell 10 percent to 10,219.
That combination is worth watching. Fewer new listings mean buyers are not seeing inventory expand rapidly, while the decline in pending sales indicates that properties may take longer to move from listing to contract.
For sellers, that makes pricing especially important.
Pricing remains a key factor
Homes spent an average of 58 days on market, unchanged from the same period last year, and sellers received an average of 94.8 percent of their original list price.
Those numbers reinforce the importance of setting realistic expectations from the beginning.
In a market with more options, buyers have less incentive to overpay for a property that is overpriced, needs significant work or doesn’t offer the location and features they want. REALTORS® can play an important role in helping sellers understand how their property compares with the competition and how market conditions have changed.
Price-per-square-foot numbers also remained relatively stable. Average price per square foot was $205.29, essentially unchanged from last year, while the median was $186.63, down 2 percent.
A market in transition—not distress
Perhaps the most important takeaway from the latest data is that North Texas continues to look more like a market finding equilibrium than one experiencing significant distress.
Sales are down, but prices are relatively stable. Inventory is providing buyers with more options, but new listings are also declining. Sellers are negotiating, but homes continue to trade at nearly 95 percent of original list price.
The market is changing—but that change creates opportunities.
Buyers who were frustrated by limited choices and intense competition now have more time to evaluate properties. Sellers who understand today’s market can still achieve successful outcomes by pricing appropriately and presenting their homes effectively.
And REALTORS® remain central to helping both sides navigate that transition.
North Texas continues to have significant long-term economic strengths, including population growth, job creation and a diversified economy. Those fundamentals provide an important foundation for housing demand even as affordability challenges and borrowing costs affect the pace of the market.
The current environment may require a different strategy than the market of a few years ago.
For REALTORS®, that’s not necessarily a negative.
It’s an opportunity to demonstrate the value of market knowledge, negotiation skills and professional guidance in a housing market where experience matters more than ever.