Dallas-Fort Worth saw the largest spike in home sales prices in the nation, according to a new study, with home prices up 39.5% over last year. The jump brought the current median home sales price in DFW to $362,782 in April, according to the latest Re/Max National Housing Report.
Todd Luong, a real estate agent with RE/MAX DFW Associates, called the increase "astonishing." Breaking it down in some of the popular suburbs north of DFW shows Frisco increased 36.6% over one year ago, McKinney rose 34.2%, and Little Elm climbed 33.9% over one year ago, Luong said. Luong said that population and job growth are pushing home prices higher across North Texas. "Corporate relocations have been the primary driver for all this," he said in an email. "During these past 10 years, office space in Dallas-Fort Worth has increased by over 55 million square feet, and only New York City has had more office space growth. "During the same 10 years, industrial space in Dallas-Fort Worth grew by 230 million square feet. All this growth means more jobs, and more jobs mean more people are moving here."
The high price growth affects longtime homeowners and current and recent home buyers and sellers, Luong noted. He said that appraisal districts have increased 2022 market values significantly across North Texas. On average, he said that home appraisals across Dallas County are up 25% compared to previous years. "I have never had so many people asking me for help with protesting their property taxes than this year," Luong said. "I hope there can be property tax relief for homeowners in the future. Otherwise, some people may not be able to afford to live in their current neighborhood anymore. I have clients who have already expressed this concern."
Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.
In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.
Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.
The holiday season ushers in excitement, but for thousands of men, women, and children in the Dallas-Fort Worth area, this time of the year is especially difficult. Some of our family members, friend, neighbors, and coworkers struggle to make ends meet or receive the care that they need. Our real estate agents understand that this time of the year is busy, but we shouldn't let shopping and festivities distract us from the reason for the season. Above all, these next few days give us the opportunity to share our kindness, spread joy, and brighten the lives of whomever we can. We encourage you to give back to the DFW this holiday season through one of these compassionate acts.
We hope that you take any opportunity to help those in our communities who need it most this holiday season. As always, if you would like assistance with your search for Dallas homes for sale and Fort Worth homes for sale, please don't hesitate to reach out. Contact us today to find your dream home in the Lone Star State.
Is the housing boom running out of gas? During the last few years, the home market has been on a tear in North Texas and in other parts of the country, with prices soaring and buyers lining up as soon as a sign hits the front yard. But there are growing signs that the fast-paced housing market is shifting gears, with a decline in sales in many markets and smaller price increases. In July, U.S. preowned home sales fell from a year ago for the fifth month in a row. And nationwide new home sales were down almost 2 percent in July, causing analysts at IHS Markit to question if the bull home market has turned bearish. "The economy is strong. Labor markets are solid. Yet, new home sales and single-family housing starts and permits have stalled. How can this be?" said Patrick Newport, executive director of the U.S. economics team at IHS.
Newport said rising home prices and higher mortgage rates have cooled the ardor for home buying. "This has choked off demand," he said. A slowdown in immigration and household formation could also be factors, Newport theorizes. In North Texas, year-over-year preowned home sales have fallen in many neighborhoods, and for the entire region, year-to-date sales were up a measly 2 percent as of July. At the same time, the double-digit percentage home price gains of the last few years have faded in Dallas-Fort Worth. Through the first seven months of 2018, median home sales prices were up only 6 percent from the same period last year, according to sales data from real estate agents.
Property agents say that some first-time buyers have given up after losing out to other buyers or all-cash investors who snapped up affordable homes. At midyear, the number of prospective U.S. homebuyers who said they planned to make a purchase in the next 12 months fell to just 14 percent — down from 24 percent in fourth quarter of 2017, according to the National Association of Home Builders. That's still another sign that the home market — while not in a traditional bubble — may be headed for slower sales in the year ahead. "It's clear that the winds that have boosted sellers over the past few years are ever-so-slightly starting to shift," said Zillow senior economist Aaron Terrazas.