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Existing home sales drop 31% in Dallas-Fort Worth; time on market doubles - Dallas Business Journal

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Dallas-Fort Worth homes are taking nearly twice as long to sell as they did 12 months ago. The average DFW home lingered on the market for 56 days in January compared to 29 days in January 2022.

as they did 12 months ago, and the number of sales continues in a steep decline.

Home sale prices appear to be stabilizing and are up"only" 4.2% over last year -- the smallest year-over-year increase over the last 12 months. The median sale price was $375,000 in January vs. $360,000 in January 2022.On a monthly basis, the price dropped 2.6%, from $385,000 in December. Prices in DFW peaked in May, according to the Re/Max data.

DFW ranks fourth in the U.S. for the largest decrease in close-to-list price ratio, according to the Re/Max report. The close-to list price ratio was 97% in January. That compares to 101% a year ago, meaning the median house in DFW was selling for more than the asking price at that time.

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