DALLAS — A significant number of Dallas-area homes saw their prices decrease in 2021, a recently released national study says.
The analysis from Porch, a home services online marketplace, found that 18.4% of listings experienced a price cut in the Dallas metropolitan area. This is based on data from Redfin's data center and Zillow's housing data.
To figure out the locations where the most homes experienced a price cut, researchers at Porch calculated the percentage of active listings with a price cut in each market, taking into account the first nine months of 2021.
Researchers also included each location's median home price, which can be found in the Zillow's most recent home value index.
This 18.4% mark earned by Dallas was the 28th largest among large cities in the U.S.
The five large cities with the biggest drop in home prices include:
- Fresno, Calif. (42.4%)
- Indianapolis, Ind. (33.1%)
- Denver, Colo. (31.8%)
- Salt Lake City, Utah (30.6%)
- Portland, Ore. (28.5%)
The only large cities in Texas ranked above the Dallas metropolitan area include Houston (11th) and San Antonio (25th).
The median home price for the Dallas metropolitan area in 2021 was $332,118, according to the study.
However, a different study shows home listings in the Dallas metropolitan area are actually among the highest in the country, according to the Dallas Business Journal.
The Dallas metropolitan area had a ratio of 11.3 showings per listing in December 2021. That is about twice the national average of 5.9 showings per home in the market, according to data from ShowTime, a home-showing management and market stats firm.
The ratio for Dallas ranked fourth-highest in the nation, the study says.
In July 2021, real estate agents said they have seen the Dallas metropolitan area transition in the last couple of months from an insane housing market to something more manageable.
Later in October 2021, North Texas homebuilders filed 14% fewer single-family construction permits in August than they did in the same month a year ago. That decline was the first in over a year, according to data from the Texas Real Estate Research Center at Texas A&M University.
There have been many reports showing there has been a rise in people moving into Texas, including a report from U-Haul that said no other state in the United States had more one-way U-Haul trucks entering in 2021 than Texas did.
There are also reports showing that the apartment market in the Dallas area did not see a decline in 2021.
According to apartmentlist.com, Dallas-Fort Worth rents increased 15.3% in 2021. That is substantial -- but it was still below the national average of 17.7%.