North Texas’ 2023 housing market will be ‘mirror image’ of last year, expert predicts

The U.S. economy is heading into an almost certain recession this year, and for the housing market, the recession is here.

But a national recession won’t wallop Dallas-Fort Worth as hard as it does other areas of the country, and that goes for the North Texas housing market as well as the broader economy.

That was the theme of a Real Estate & Economic Outlook session put on by the North Dallas Chamber of Commerce held Wednesday at Southern Methodist University.

Multiple speakers said the economic mantra should be “Stay Alive til 2025.”

But the North Texas housing market should correct itself well before that time, said Chris Kelly, president and CEO of Ebby Halliday Cos., who spoke on the housing market and moderated the event.

“We’re like a canary in the coal mine,” Kelly said. “If you want to look where the broader economy goes, you can kind of look six months ahead and see where housing is. When the rest of the economy is like, ‘We’re in a recession now,’ housing will likely start coming out. We saw this exact same thing happen during the Great Recession as well.”