Forney, TX

The local housing market is currently Cooling, characterized by a persistent year-over-year decline in median listing prices and price per square foot, despite a moderate increase in new listings. While the pending ratio suggests some underlying demand, the overall market pace has slowed, indicating a shift toward greater negotiating room for purchasers.

The market for residential properties exhibits signs of continued cooling. The median listing price declined 3.7% over the past year, while the median price per square foot experienced a 3.4% decrease in the same period. The total inventory of active listings saw a modest year-over-year contraction of 3.3%, reaching 756 units. However, new listings increased significantly by 21.7% over the past year, suggesting a replenishment of available stock. Properties are spending less time on the market, with median days on market decreasing 12.6% over the past year to 66 days, which could indicate a baseline level of transaction velocity for appropriately priced homes. The share of listings with price reductions currently stands at 27.5%, a slight decrease of 2.2% from the prior year.

With a pending ratio of 0.38, reflecting 291 pending listings against 756 active listings, the market indicates a moderate pace of absorption. This ratio has increased by 5.5% over the past year, suggesting some stabilization in demand relative to available inventory. However, the consistent year-over-year price depreciation and the increase in new listings create an environment where purchasers can exercise more price discipline, potentially extending negotiation periods. While homes are moving more quickly once listed, the overall pricing trends suggest that inventory pressure is not currently driving aggressive bidding dynamics.

The spread between the average listing price of $397,187 and the median listing price of $336,990 indicates the presence of a distinct upper segment within the market. At the median, properties are trading at $156 per square foot. The difference between average and median pricing suggests that higher-value properties are listed at a notable premium, yet the overall market trend of year-over-year price contraction at 2.7% for average listing prices still impacts this segment, suggesting even premium properties are not immune to the broader market's price adjustments.