DFW Housing Market Forecast for 2024

Low inventory, home sales, and average price – everything has been pretty low in Texas real estate. Yes, this includes the star of the state DFW housing market too!

Since October, we have experienced a steady decline in all real estate areas. The market is still going, but it’s nowhere as strong as it was before the pandemic. And so, you must have a serious concern about whether to buy, sell, or rent a property in 2024. 

Let’s discuss the predicted DFW real estate forecast for 2024 in great detail!

2023 DFW Housing Market Trends 

This year, the DFW housing market fluctuated between sudden highs and lows. We saw a hike in July with record-breaking home sales and values. Check out more of the details in our previous market analysis post

However, we can’t say the same for the rest of 2023. Here’s a summary of the market trends that popped up in Fort Worth after July’s success:

  • In August, single-family unit sales dropped by 8%. However, the average home value increased to $406,000.
  • With mortgage rates increasing in September, many homeowners changed their decision to sell the property. This is because the decision would have exposed them to a much more expensive market.
  • In October, home values dropped with the average house being sold for $330,000. 

As of December, the interest rates have finally come down to 7%. This is a huge relief for homeowners looking forward to selling their property and moving into a new place. Plus, the newly constructed homes have taken a huge chunk of the market.

Typically, new homes only have an 8 to 10% share of the market. The remaining 90% belongs to the resale properties. However, right now, new homes are occupying up to 30% of the sales!

This is because builders have reduced the prices by 20%. They are adjusting the prices to attract more buyers to their projects, and well, it seems to be working!

Dallas CountyKaufman CountyRockwell CountyCollin County
Avg. home pricesUp by 7%Up by 5%Up by 6%Down by 4%
Avg. days on the marketUp by 9%Flat Up by 12%Down
Number of listingsUp by 4%Down by 4%Down by 6.6%Down by 11%
Pending home sales Down by 7%Up by 3.5%Up by 8%Up by 4%

DFW real estate stats for December 2023

What to Expect in 2024?

The DFW real estate’s future is pretty uncertain for 2024. However, looking at the patterns, we are confident that the market will see more inventory and sales in January. 

According to Whitney (a credible analyst), baby boomers will also downsize their residential properties in 2024. This adds millions of housing units to the inventory!

We will also observe a steady increase in home sale value and the number of new homes in the market. These newly built units will be priced much lower as the market will get competitive and builders will try to promote their projects. 

We also expect the mortgage interest rates to drop around 6%. And if that doesn’t happen, the rates will stabilize in the second half of 2024. This will allow the real estate market to resume as normal.

However, one thing is certain – mortgage rates won’t fall to the previously seen 3% to 4%. They will either increase or stabilize around 6% or 7%. So, if you’re looking to buy a property, now is the right time!

At The Khan Group, we specialize in the Dallas Fort Worth real estate market. We can guide you all about the current situation, find the best property for your needs, and help make an informed, profitable decision. 

Contact us today for a free consultation!

Leave a Comment

Your email address will not be published. Required fields are marked *

Related Posts

Scroll to Top