Dallas-Fort Worth will be the nation’s top buyer’s market for homes this year, forecast says
By Bill Hethcock – Senior Reporter, Dallas Business Journal
Photo by Herve on Unsplash
Dallas-Fort Worth will be the top buyer’s market in the nation by year-end 2023 due primarily to a surge of homes for sale, according to a new forecast.
With little incentive for homeowners with sub-3% mortgage rates to sell, 50 of the 100 largest U.S. housing markets are expected to see inventory declines, according to the Knock Buyer-Seller Market Index released today. The index this month ranks the markets with the largest expected inventory gains in 2023.
DFW ranks No. 2 on Knock’s list of Top 10 markets with the largest increase in the number of homes for sale.
In addition, by year-end, Knock forecasts DFW to be the nation's top buyers' market.
The forecast is based largely on projections for the housing supply, but also factors in demand and other metrics.
In another year of slim pickings, the top 10 markets likely to see the biggest gains in for-sale homes in 2023, in order, are: Salt Lake City; Dallas; Denver; Charlotte, N.C.; Memphis, Tenn.; Las Vegas; Charleston, S.C.; Colorado Springs, Colo.; St. Louis and New Orleans.
Inventory in these markets is forecast to increase throughout 2023, peaking in September, October and November. This means buyers with the flexibility to wait until the fall will see more buying options.
In DFW, inventory will peak in October, according to the forecast.
Like the rest of the country, inventory in the Top 10 markets fell during the pandemic. However, they did not see the same massive declines as the rest of the nation.
In the three markets where inventory is expected to grow the most — Salt Lake City, Dallas and Denver — inventory declined by 20%, 34% and 20%, respectively, between December 2019 and December 2022, compared to 42% elsewhere.
In the year ahead, DFW is forecast to see inventory growth of 100.4%.
Read the full article at Dallas Business Press.