New real estate report reveals whopping increase in Dallas home prices
A new report from real estate brokerage Redfin offers a stunning picture of just how crazy some housing markets around the country have become, including Dallas'.
The report, released May 19, shows that Dallas saw a 19.9 percent year-over-year jump in median home-sale prices last month. To put that in perspective, four of the highest growth cities around the country had only slightly larger increases: Oxnard, California, and Miami, each at 25.8 percent; and Phoenix and Tacoma, Washington, each at 24.9 percent.
But among the country’s 85 largest metro areas, the report shows, no housing market is hotter than Austin's. Texas' capital city recorded the biggest year-over-year rise in April for median home-sale prices — a jaw-dropping 42.3 percent.
Elsewhere in Texas, Houston came in at 16.8 percent, San Antonio at 14.6 percent, and Fort Worth at 14.3 percent, according to Redfin.
“Many of our recent reports have shown that people are moving ... from major metropolitan areas like New York and the Bay Area, and relocating to states like Texas that offer lower taxes, lower housing prices, and more space for them and their families,” says Daryl Fairweather, chief economist at Redfin. “This migration trend has caused many locals to be priced out and newcomers to have to deal with competitive bidding wars — often driving prices up even more.”
The median sale price in Dallas last month was $361,000, and $295,000 in Fort Worth. In Austin, that number was $465,000, Redfin says.
A further testament to Austin’s wild housing market: 73.7 percent of homes in the region sold above list price last month, Redfin says. Only Oakland and San Jose, California, and Tacoma, Washington, registered higher numbers in that category.
Surprisingly, Fort Worth was not too far behind in this category, at a stunning 52.8 percent (compared with Dallas' 38.2 percent).
April’s above-list-price figures for the other major metro markets in Texas:
- San Antonio, 47.4 percent
- Houston, 28.6 percent
A separate May 19 report from HomesUSA.com reveals that Dallas-Fort Worth home builders continue to see astonishing demand for new homes, in particular, as new home sales, average home prices, and the speed of sales all increased last month.
DFW's three-month moving average for "days on market" dropped from 102 days to less than 67 days in just the last year, according to the HomesUSA.com's New Home Sales Index. It’s a new record for the fastest sales pace of new homes since HomesUSA.com started reporting the data in 2017, they say.
"The demand for new homes is going to continue for many months if not years in Dallas-Fort Worth," says HomesUSA.com owner Ben Caballero in a statement. "Throughout the area, we are seeing a gold-rush response as buyers flock to new developments, because demand is far exceeding supply."