North Texas has long been known for it’s cheap real estate prices, one of the most affordable housing markets in the nation. However, new data suggests that home prices in the DFW area have just about caught up with the national average. About ten years ago DFW home prices were about 30% below the national average, but after years of heavy growth that is no longer the case. Home prices in North Texas have grown at a much higher rate than the national growth rate in recent years. Home prices in this area grew 9.1% in the first quarter from a year earlier, while national home prices grew at 6.3% in that same time.
This news comes around the same time that DFW has taken the number one homebuilding market from Houston. So it’s not unexpected to see the quick rise in home prices. This is a time of massive growth in the North Texas area, especially Frisco and Plano. The rise has been good for the local economy as many people bought their homes after the real estate crash and are now reaping the benefits of the rising home prices. In fact, prices in North Texas are now at an all time high.
Comparably, DFW home prices are still much lower than those in other major cities such as New York, LA, and San Fransisco. Dallas saw the highest jump of any Texas city though, higher than Auston, San Antonio and Houston. El Paso was the only Texas market that saw home prices fall.