There Isn't Just One Housing Market Right Now. Which One Are You In?

One of the hardest things about talking about real estate right now is that there isn't really one housing market.

There are buyers paying cash.

There are buyers who need a mortgage.

There are homeowners who would love to move but don't want to give up the low mortgage rate they already have.

And there are builders competing with resale homes—and offering incentives to get buyers through the door.

Those four groups can experience the exact same housing market very differently.

That's especially true here in North Texas.

A first-time buyer looking at a $350,000 home in Arlington, Texas is facing a very different set of challenges than a homeowner with hundreds of thousands of dollars in equity who wants to move to a larger home in Mansfield, Texas.

So instead of asking, “How's the housing market?” I think the better question is:

“Which part of the housing market are you actually in?”

Let's take a look.

1. The Cash Buyer

Cash buyers continue to make up a significant portion of the market.

According to the National Association of REALTORS®, 27% of existing-home transactions were cash purchases in August 2026. That's roughly one out of every four transactions.

For a buyer who has the ability to pay cash, the biggest advantage isn't necessarily that they'll get a lower price.

It's that their financing risk is different.

There's no mortgage approval to wait for, and the transaction may be able to close more quickly.

That can be appealing to a seller who values certainty.

But I would still caution cash buyers against assuming that cash automatically means they should pay more.

You still need to know what the home is worth.

And sellers shouldn't automatically accept a cash offer simply because it is cash.

A financed offer with a higher price and favorable terms could potentially be the better overall transaction.

The important thing is to compare the entire offer—not just the financing box.

2. The Buyer Who Needs a Mortgage

This is probably the group getting the most attention right now.

Mortgage rates are still making affordability a major consideration.

The average 30-year fixed mortgage rate was 6.67% in August, according to Freddie Mac data reported by NAR.

That's a very different environment from the ultra-low rates many homeowners locked in several years ago.

But here's where the current market gets interesting.

Sellers are increasingly using concessions to help get deals across the finish line.

Redfin's latest data shows that nearly half of U.S. home sales included some type of seller concession during the three months ending August. Those concessions can include help with closing costs, repairs or mortgage-rate buydowns.

That can create opportunities for buyers who need financing.

Instead of looking only at the asking price, buyers should be looking at the total cost of the transaction.

Could the seller contribute toward closing costs?

Could a rate buydown make the monthly payment more manageable?

Is the seller willing to address a repair?

Is there another way to structure the transaction that makes sense for both sides?

That doesn't mean every seller will agree to every request.

But today's market gives buyers more room to have the conversation.

3. The Homeowner Who Feels “Rate Locked”

This is the group that has a huge influence on the housing market—even if they're not actively shopping.

If you bought or refinanced when mortgage rates were much lower, you may have a rate that you really don't want to give up.

And I get it.

If your current mortgage rate is comfortably below today's rates, selling your home means taking on a very different payment structure on your next home.

That can make homeowners think twice about moving.

The result?

Some people who would normally be selling simply aren't.

And that affects everyone else.

Fewer homeowners listing means fewer resale homes available for buyers to choose from.

This is one reason I don't think the national housing story always translates perfectly to North Texas.

In August, Dallas-Fort Worth had about 29,549 active listings, but that was actually down 4.4% from the previous year. Nationally, active inventory was moving in the opposite direction.

So while buyers have more choices than they did during the extreme seller's markets of a few years ago, DFW isn't necessarily flooded with resale inventory.

If You're a Homeowner Who Wants to Move

If you're sitting on a low mortgage rate and think moving is impossible, don't automatically assume that's the case.

Start with the math.

How much equity do you have?

What would your current home realistically sell for?

What would you want to buy?

How much cash would you have available after selling?

What would the new monthly payment actually look like?

Sometimes the numbers tell a very different story than simply comparing your old interest rate to today's rate.

And sometimes the numbers tell you that staying put is the right choice for now.

Either way, it's worth knowing your options.

4. The New-Construction Buyer

Here's another part of the market I think North Texas buyers should be watching closely.

Builders are competing for buyers, too.

Nationally, the Census Bureau reported 488,000 new homes for sale at the end of July, representing 9.6 months of supply at the then-current sales pace. New-home sales were also down 6.3% from July 2025.

That kind of inventory can give builders a reason to get creative.

And we're seeing that in the form of incentives.

Builders may offer closing-cost assistance, mortgage-rate buydowns, upgrades, appliances or other incentives on qualifying homes.

Redfin's latest analysis also noted that builder incentives are particularly common in today's market, with some builders offering substantial concessions and rate buydowns.

For buyers, that means don't compare a new construction home and resale home based solely on the advertised sales price.

Look at the entire package.

What is included?

What will you have to add?

What are the HOA fees?

What are the property taxes?

What incentive is the builder offering?

Is the incentive tied to using the builder's preferred lender?

What is the actual monthly payment?

And what happens when the incentive expires?

Those questions can make a big difference.

So What Does This Mean for North Texas?

Here's the part I think gets lost when we talk about the housing market in broad national terms.

North Texas is its own market.

And even within North Texas, Mansfield, Arlington, Burleson, Midlothian, Grand Prairie and Waxahachie can all behave differently.

In August, the DFW median list price was about $425,000, while homes spent a median of 58 days on the market. About 27.5% of listings had a price reduction.

That tells us buyers have some negotiating room.

But DFW's active inventory was still lower than it was a year earlier.

So this isn't necessarily a market where buyers should assume they can offer anything they want and expect a seller to accept it.

The individual property still matters.

A well-priced home in a desirable location can attract attention.

A home that's been sitting for several weeks may create a very different negotiating opportunity.

A new construction home may come with incentives that change the affordability equation.

And a homeowner with significant equity may have options that aren't available to a first-time buyer.

That's why your strategy should start with understanding which situation you're actually in.

What Should You Do If You're Buying?

If you're a buyer, I wouldn't make your entire strategy around trying to predict mortgage rates.

Instead, focus on the things you can actually evaluate.

Know your comfortable monthly payment.

Get your financing options from a qualified lender.

Understand how much cash you'll need to close.

Compare resale and new construction.

Pay attention to seller concessions.

And look at the entire cost of the home—not just the list price or interest rate.

If the right home comes along and the numbers work for you, that's information worth considering.

If they don't, there's nothing wrong with continuing to prepare.

What Should You Do If You're Selling?

Sellers need to recognize that buyers have more choices and more negotiating tools than they did in the hottest markets.

That means pricing matters.

Presentation matters.

Marketing matters.

And flexibility can matter.

But that doesn't mean you should automatically slash your price or agree to every concession a buyer requests.

It means you need to understand what buyers are comparing your home against and what terms actually make sense for your situation.

Sometimes the strongest offer isn't the one with the highest price.

And sometimes the highest offer is exactly the right one.

You have to look at the whole picture.

The Bottom Line

There isn't one housing market right now.

There are cash buyers, financed buyers, homeowners who feel locked into their existing mortgage and builders competing for buyers.

And each group has different opportunities and challenges.

That's why I don't think a headline like “It's a buyer's market” or “It's a seller's market” tells you enough.

Your price range, your financing, your equity, your neighborhood and your reason for moving all matter.

If you're thinking about buying or selling in Mansfield, Texas, Arlington, Texas, Burleson, Texas, Midlothian, Texas, Grand Prairie, Texas or another North Texas community, let's figure out which part of the market you're actually in.

From there, we can look at the numbers, the options and the strategy that makes sense for your situation.

Source & Attribution

This article was inspired by Keeping Current Matters (KCM) and its September 2026 discussion of the different segments of today's housing market. Current statistics were reviewed using the National Association of REALTORS®, Realtor.com, Redfin and the U.S. Census Bureau. Local market conditions can vary significantly by community, neighborhood, price range and property type.