median home price dropped to $400,000

The Dallas-Fort Worth real estate market experienced a shift in September as the median home price dropped to $400,000, a 3.6% decrease from the summer peak, primarily attributed to surging mortgage interest rates, which reached their highest point in over two decades. This situation has created challenges for both sellers, who may delay listing their homes due to concerns about higher monthly mortgage payments for a new property, and buyers, particularly younger ones in areas like Frisco and Plano, who find it increasingly difficult to secure affordable homes. Despite these challenges, the market remains resilient, with varying experiences reported by real estate professionals, and opportunities still exist for those who adapt to the evolving landscape while keeping a watchful eye on the ongoing interest rate trends.

https://www.dallasnews.com/business/real-estate/2023/10/11/median-dallas-fort-worth-home-price-slips-back-to-400000-as-sales-slump/