Homes for sale in once thriving US city are 'through the roof'... and the inevitable is happening

Daily Mail​

12 hours ago

A once-hot housing market is now in freefall as the number of homes for sale has hit the highest level in years.
The Dallas-Fort Worth area is experiencing a major downturn, with the amount of homes for sale hitting levels not seen in more than a decade.
Due to the surplus, houses sitting on the market are seeing price slashes.
The numbers mark a stark contrast to the pandemic-era home buying frenzy in the city that saw bidding wars, record price growth, and a flood of out-of-state buyers.
A combination of factors is contributing to the problem.
Many sellers had been holding off on listing thinking they would be able to get more money down the line.
But a flood of them listed simultaneously and the market now has too many homes for sale.
Interest rate uncertainty, a wave of new construction, and slowing demand are also hurting.
In July, active listings in Dallas-Fort Worth reached almost 32,000, according to Nick Gerli, CEO of real estate data consulting firm Reventure.
That number is around 60 percent more than the July average of 20,000 for each July going back to 2017.
Gerli said the current housing supply is 'through the roof' in a post on X, adding that the inventory surge is 'happening pretty much everywhere in DFW.'
'This is the most selection the market has had since the tail end of the last downturn in 2011–12,' Gerli wrote.
Home prices are down 4.6 percent over the last year, with a current average value of $315,056, reports Zillow.
Reventure forecasts a 7.8 percent drop in Dallas-Fort Worth home values over the next 12 months.
Gerli described the market as 'overvalued' by 22 percent and predicted prices will eventually hit rock bottom.
Dallas wasn't always in trouble. Between March 2017 and a peak in May 2025, home values in Dallas grew from $185,000 to $331,000, reports Zillow.
The he Texas city was one of only 10 metros across the country where home prices fell
For potential buyers, the shift could bring an opportunity to own a home at a reasonable price.
In May, the Texas city was one of only 10 metros across the country where home prices fell, reports Redfin. It was a year-over-year drop of 3.4 percent.
There were 29,084 homes listed for sale in Dallas-Fort Worth-Arlington in May 2025. In May 2024, there were just 6,010.
Property taxes have also risen in Dallas over the past few years, and residents pay 41 percent than they did five years prior, according to Redfin.
According to Redfin, 33 percent of homes sold with price drops in April 2025.