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Study says Dallas home prices are rising at record levels

Dallas housing prices continue to rise, according to the latest report from Standard & Poors/Case-Shiller Home Price Index. Local home prices rose 7 percent in the one-year period ending in January 2013. Prices have now been on the rise for 11 months, including previous growth of 4.4 percent in the fall.

Dallas' change was a bit smaller than the 20-city composite from the study, which increased by 8.1 percent. Other cities in the composite include Atlanta, Chicago and New York City.

Dallas experienced its largest year-over-year gain since the report began in 2006.

Nevertheless, Dallas experienced its largest year-over-year gain since the report began in 2006. This time around, Phoenix led the pack with a gain of 23.2 percent in home prices, while San Francisco and Las Vegas rounded out the top three.

All 20 cities experienced growth, and both the 10-city and 20-city composites posted the highest year-over-year increases since the housing bubble burst in 2008.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, attributed the gains to steady employment and low borrowing rates. He said that foreclosure filings are down 25 percent from 2012, and single-family home building permits and housing starts recorded double-digit increases in February 2013.

The S&P/Case-Shiller Home Price Indices are designed to monitor the price path of single-family houses in the 20 cities listed. The indices are released on the last Tuesday of each month at 9 am.

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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

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