Real Estate Report

How Dallas home values stack up to the rest of Texas

Dallas-Fort Worth's cumulative home value is the highest in the state.

Photo courtesy of Keller Williams

A new report from Zillow says Texas' booming real estate growth was on trend with the rest of the U.S. in 2015.

The report, which includes information for 35 U.S. metro areas, shows that although total home value growth slowed in 2015, "there was still a significant increase in overall value, and many markets are more valuable than they’ve ever been." In fact, Dallas saw double-digit growth, and Houston is more valuable than ever before.

Just how valuable are Texas' top markets? In Dallas-Fort Worth, the cumulative home value hit $411 billion, the highest in the state. Houston, $381 billion, was followed by Austin, $155 billion, and San Antonio, $115 billion.

Despite a lower cumulative value, Austin's median home value was the highest in the state. According to Zillow's November home value index, the median Austin home value was $241,200. Values in Dallas-Fort Worth, Houston, and San Antonio were $175,600, $169,100, and $147,600, respectively. That's below the median U.S. home value of $183,000.

The total rent paid in Dallas-Fort Worth ($12.8 billion) and Houston ($13.1 billion) was more than double that of Austin ($5 billion). However, renters in the Capital City faced the highest prices. In November, the median rent in Austin was $1,683, compared to $1,496 in Dallas, $1,578 in Houston, and $1,305 in San Antonio. Nationally, the median rent was $1,382.

Zillow reports that Americans shelled out nearly $20 billion more in rent in 2015 than 2014 for a record-breaking total of $535 billion. Home values nationwide grew $1.1 trillion in 2015 to an estimated $28.5 trillion.

Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

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Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.