Real Estate Rising

Dallas real estate market starts 2014 with surge in single-family home prices

If you’re looking to sell, now would be a good time to put your home on the market — and you would be doing all those frustrated buyers a solid. According to the January 2014 report from CoreLogic, Dallas-Plano-Irving again ranks in the top 10 areas of the country in single-family housing price growth. A 12.2 percent year-over-year increase puts our metropolitan area at No. 7.

That’s higher than the 9.8 percent growth reported in December 2013. The data from the residential property information, analytics and services provider also showed that home prices nationwide increased 12 percent compared to January 2013, which is greater than the 11 percent year-over-year gains recorded at the tail end of last year.

Dallas home prices increased 12.2 percent year-over-year in January — enough for a No. 7 ranking in the country.

Apparently all this wacky winter weather didn’t slow down home sales one bit. “A string of snow storms did not manage to weaken house price appreciation in January. The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006,” said CoreLogic chief economist Mark Fleming in a statement.

Texas overall experienced a 10.1 percent increase in the housing price index (HPI), and the Houston-Woodlands-Sugar Land area also showed impressive gains: 12.7 percent, enough for a No. 5 ranking.

National home prices remain 17.3 percent below the national peak, which occurred in April 2006. But they are up .9 percent from December 2013. For February 2014, CoreLogic predicts a 12.5 percent year-over-year increase, so our real estate future looks bright.

To determine the HPI, CoreLogic looks at price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same single-family homes over time, which provides a more accurate “constant quality” view of pricing trends, as opposed to views of pricing trends based on analysis of all home sales.

unspecified

No Cap

Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

trends