Real Estate Rumblings

Here's how Dallas measures up among U.S. metros for millennial homebuyers

More millennials are moving to Austin than Dallas, a new report says.

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Millennials now make up the largest group of homebuyers in the U.S., and are choosing to lay down roots in big cities and up-and-coming metropolises versus suburbs and small towns.

In a January 6 report, online marketplace LendingTree ranked the most popular metro areas for millennials, and perhaps surprisingly, Dallas landed near the middle of the pack of 50 cities, at No. 28.

Millennials account for 53.7 percent of homebuyers in Dallas, and have an average age of 31 years, 6 months. Millennial buyers bring an average downpayment of $34,815 and borrow $245,355 to finance their investment, says LendingTree.

To determine the top metros, LendingTree analyzed mortgage purchase requests made on their own platform across the nation’s 50 largest metros, beginning January 1 through December 15, 2020.

Though millennials are less wealthy than their Baby Boomer and Gen X counterparts, LendingTree points to the current record-low mortgage rates spurred by the pandemic as a reason for the new swath looking to buy a home.

"What LendingTree [also] found was that millennials (defined as anyone born between 1981 and 1996) make up a majority of potential homebuyers in most of the country’s largest metros," the report says. "Location is typically a primary factor to consider when buying a home, but the pandemic has affected many aspects of the U.S. economy including various industries and local job markets."

Only one Texas city landed in the top 10 — Austin.

Millennials make up 57.34 percent of homebuyers in the Capital City, earning it the No. 8 spot in popularity. The average age for a potential buyer in the Austin metro was 31 years, 4 months, with an average credit score of 687.

Despite a crippled hospitality industry, the Central Texas job market is still considered strong, and the city drew even more attention in 2020 as a cavalry of California-based celebrities decamped to Austin.

When it comes to purchase power, Austin homebuyers bring an average of $47,940 as downpayment, and borrow an average of $288,461. In December 2020, median home prices in the Austin-Round Rock area hit $365,000. Inside the city limits, that number soared to $433,493.

Elsewhere in Texas, Houston comes in just ahead of Dallas at No. 26. In that city, millennials make up 53.77 percent of people looking to purchase a home, and boast an average age of 31 years, 7 months and a credit score of 660. When it comes to financing, young homebuyers bring an average downpayment of $34,361 and borrow $231,300.

San Antonio is the fourth and final Texas city in LendingTree's report. At No. 34, millennials make up 51.46 percent of homebuyers in the Alamo City, and have an average age of 31 years, 7 months. As for financing, buyers typically bring $25,867 and finance an average of $203,710.

Rounding out to the top 10 largest metros ranked by millennial popularity: San Jose, California (No. 1); Boston (No. 2); Denver (No. 3); Minneapolis (No. 4); Buffalo, New York (No. 5); San Francisco (No. 6); Salt Lake City (No. 7); Pittsburgh, Pennsylvania (No. 9); and New York City (No. 10).

Landing lowest on the list are Las Vegas; Tampa, Florida; and Phoenix.

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homebuyer power play

Dallas declared one of the top 10 buyer's markets in the U.S. right now

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The tide has turned for the Dallas housing market, and buyers now have more power than ever to negotiate on their forever home, a new real estate report has confirmed.

Dallas has now become one of the top 10 strongest buyer's markets in the nation with sellers outnumbering buyers by 107 percent, Redfin's newest market trends report found.

Nationally, sellers outnumbered buyers by 58 percent in August 2026, which Redfin says is the largest gap on record. Out of the 49 most populous metros in the U.S., only five are considered seller's markets, and eight are considered "balanced" markets where the number of buyers and sellers are nearly equal.

That leaves the remaining 36 most populated U.S. metros as buyer's markets, which includes the biggest cities in the Lone Star State. In fact, four Texas cities rank among the 10 strongest buyer's markets in the country right now: Houston (No. 3), San Antonio (No. 6), Austin (No. 7), and Dallas (No. 8).

There were 30,854 sellers on the market in Dallas last month, more than double the amount of buyers (14,865). The market's tilt in favor of house hunters allows more legroom to be picky with the increased supply of available housing, while falling demand indicates less competition with other buyers.

"In most markets, buyers should negotiate on price and ask for concessions like repairs or help with closing costs," said Redfin senior economist Asad Khan. "Buyers shouldn’t assume every seller will budge, especially on a desirable home that’s already priced well, but they don’t need to rush into a deal that doesn’t feel right."

For sellers that want to stand out in a saturated market, Redfin suggests they should price their homes competitively and be prepared to negotiate.

A separate Redfin report found mid-September is the best time for Dallasites to buy a home, but other experts say hesitant shoppers have until early October to take the plunge.

Regardless of the timeline, the report warns that the recent surge of available housing is only beneficial for homebuyers that can afford it.

"High housing costs and widespread economic uncertainty have caused many would-be buyers to back off in recent years, creating the imbalance of buyers and sellers we see today," the report said.

The median price of a home in Dallas came out to $408,561 in August, though 79 percent of all home sales in the city sold for below their original asking price.

The top 10 strongest buyer's markets in the U.S. are:

No. 1 – Nashville, Tennessee
No. 2 – Miami, Florida
No. 3 – Houston, Texas
No. 4 – Orlando, Florida
No. 5 – Las Vegas, Nevada
No. 6 – San Antonio, Texas
No. 7 – Austin, Texas
No. 8 – Dallas, Texas
No. 9 – Atlanta, Georgia
No. 10 – Phoenix, Arizona

"Nashville, Texas, and Florida are home to robust buyer’s markets partly because they have some of the most active homebuilding pipelines in the country, with newly built homes continuing to hit the market even as demand cools," the report said.

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homebuyer power play

Dallas declared one of the top 10 buyer's markets in the U.S. right now