Real estate report
4 North Texas cities unlock top-10 spots on new list of best U.S. housing markets
When it comes to places to buy a house, you can't do any better than North Texas. So says WalletHub's highly anticipated 2023 report on the best real estate markets in the U.S. Four cities around Dallas-Fort Worth made it into the top 10, with one suburb capturing the No. 1 ranking.
The new study by the personal finance website, released August 22, names McKinney the No. 1 most attractive real estate market in the country. It's followed closely by No. 2-ranked Frisco.
Two additional Dallas-Fort Worth cities, Denton (No. 4) and Allen (No. 6), earned top 10 spots for the second year in a row. Denton moved up four spots from No. 8 in 2022, while Allen fell four spots from No. 2.
Dallas-Fort Worth housing markets have dominated WalletHub's report throughout the years, showing resilience as other markets rise and fall. McKinney and Frisco have been in the top five since 2021, but the 2023 report is the first time McKinney has dethroned Frisco from the No. 1 spot, after ranking No. 3 in WalletHub's 2022 edition and No. 4 in 2021.
July 2023 data from Realtor.com shows median home prices in McKinney have fallen 2.8 percent year-over-year to $550,000, with homes selling for an average 2.03 percent less than their asking price. Homes are spending an average of 30 days on the market, another indicator that buyers are willing to hold out for that perfect home for the right price.
Potential owners should attempt to buy their home soon while sellers are more willing to negotiate on housing prices in the wake of higher interest rates, according to Kelly Snider, an urban regional planning professor at San Jose State University.
"More important for the housing market is that brokers and agents pay attention to what buyers want and spend less time listening to what sellers 'expect' or "deserve,'" Snider said in the report. "It is becoming a buyers' market, and 2024 should be good for people looking to buy a house."
Other Dallas-Fort Worth area cities that earned spots in the report include:
- No. 22 – Fort Worth
- No. 24 – Plano
- No. 28 – Richardson
- No. 36 – Irving
- No. 42 – Carrollton
- No. 43 – Dallas
- No. 53 – Grand Prairie
- No. 70 – Garland
- No. 84 – Arlington
- No. 120 – Mesquite
The full report can be found on wallethub.com.