We’re seeing a shift in the national housing landscape: in Mid-Q3, price per square foot declined year-over-year in 36 of the 50 largest U.S. metro areas, signaling a broad cooling in many major markets. Nationwide, this figure dipped about 2% compared to last year—the tenth month in a row of year-over-year softening for this important metric. As the quarter closed, sellers began adjusting their expectations, with some reducing asking prices more aggressively to bridge the gap with buyers. Persistently high mortgage rates have continued to put pressure on affordability, especially in markets that saw significant appreciation during the pandemic years, prompting sellers and buyers to meet closer to the middle. An economist highlighted that many of the markets that soared during the boom are now giving back some of those pandemic-era gains, with inventory levels now above pre-pandemic norms.
With my background in both personal and family real estate investment, I watch these trends closely for clients navigating Texas markets—whether buying, selling, moving up, downsizing, or investing. Understanding these shifts can open up opportunities, especially for first-time buyers and those considering their next chapter.
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