Texas saw more homes sell and at higher prices in 2018 than in 2017, but the Dallas-Fort Worth area didn’t experience the same trend, according to the 2018 Texas Real Estate Year in Review report by Texas Realtors.
In the Dallas-Fort Worth area, the median home price increased 3.9 percent from 2017 to $265,000. Home sales, though, decreased by 2.3 percent to 99,848 homes sold, and active listings increased a whopping 13.9 percent from 2017 to 22,095. Also, the average asking rent for an apartment in Dallas last year was $1,202 a month, a 5.9 percent increase from 2017. In Fort Worth, the average rent was $986 a month, a 5.1 percent increase over the same period.
The Texas Realtors report tracked numerous metrics including median home price, number of homes sold, active listings, and median price per square foot. The median price of a single-family home in Texas increased 4.4 percent from 2017 to $232,900 last year. Across the state, 344,030 homes were sold, an increase of 1.7 percent. The number of active listings increased 1.4 percent to 101,534, and the median price per square foot jumped 5 percent to $116.36. Statewide, homeowners spent on average 20.7 percent of their income on their home, while renters spent much more: 29.2 percent of their income on rent.
The other major urban areas performed similarly to the state as a whole.
In the Austin-Round Rock area, home sales increased 1.5 percent from 2017 to 34,460, and the median home price jumped 3.7 percent to $306,000. Active listings increased 1.9 percent from 2017 to 7,387, and the median price per square foot grew 3.9 percent to $153.66. The average asking rent for an apartment in the area rose 4.4 percent from 2017 to $1,228 a month.
Home sales in the San Antonio-New Braunfels area increased 2.9 percent from 2017 to 33,423, and the median home price jumped 5.2 percent to $222,000. Active listings increased 2.4 percent in the area to 9,187, and the median price per square foot became 5.5 percent more expensive: $114.26. The average asking rent for an apartment grew 3.8 percent to $941 a month.
In the Houston-The Woodlands-Sugar Land area, home sales increased 3.3 percent from 2017 to 87,129, and the median home price rose 3.1 percent to $235,000. Active listings increased 1.6 percent to 26,368, and the median price per square foot was $109.18, a 4.2 percent increase from 2017. The average asking rent for an apartment in the area was $1,081 a month, an increase of 3.6 percent from 2017.