Housing Report

Here's how COVID-19 has impacted the Dallas housing market

Dallas rents actually increased a bit in June.

Photo courtesy of Abodo

Dallas apartment rent prices seem mostly unaffected by COVID-19 — at least thus far, according to apartment marketplace Abodo.

The site reports that in June, Dallas one-bedroom rent prices actually increased 1.28 percent month-over-month, to a median $1,184. At the same time, two-bedroom rates rose 0.83 percent, to $1,466.

These figures are in contrast to what the Austin rental market has experienced. There, the price of a one-bedroom unit dropped 0.31 percent in June, while two-bedrooms fell 0.7 percent.

In the current COVID-19 landscape, the Dallas market more closely resembles Houston, where median rents also rose. Houston one-bedroom units gained 0.51 percent to $1,179 in June, and two-bedroom rents surged 1.24 percent to a median $1,466.

While one month’s numbers don’t necessarily mean a rental price spike, instead of a COVID-19 rental price recession, we are currently seeing the opposite in both Dallas and Houston.

The trend is different for the local housing market. The MetroTex Association of Realtors reported that in May, Dallas County home sales dropped almost 35 percent year-over-year, while home prices dipped 4 percent. These are big figures, and there are reasons that the housing market is not mirroring the rental market.

Virtual limitations
During the pandemic, virtual shopping has proven successful for landlords and renters alike. Top apartment rental sites quickly moved to offer significantly developed virtual apartment tour capabilities. Property managers are seeing the benefits of scheduling showings digitally, and many have not missed a beat as they continue to rent units.

But when a buyer is considering a major purchase like a home, a short video peek at the space is, in many cases, not sufficient.

Wary buyers and sellers
With COVID-19 cases rising in Texas, many potential buyers are staying put instead of venturing out to look at properties, which could put them at risk of infection. Conversely, many sellers simply do not want large groups of people in their homes. For some, it's easier to take their property off the market, or even rent out the home, and wait for better times.

Looking ahead
One bright spot for the housing market is that mortgage are at historic lows, which could reduce some of COVID-19’s negative housing market effect. If mortgage rates were anywhere near normal levels, we might see an even greater dip in housing prices. However, as the uncertainty of the pandemic continues, Abodo expects the Dallas market — for both rentals and sales — to face continued challenges.

rent trends

Dallas Got Robbed

The richest small town in Texas is surprisingly not in Dallas

Facebook / City of Bellaire, Texas

Houston neighbor Bellaire is the richest town in Texas.

A survey of affluent small towns has found one town in Texas to be at the top of the list, but shockingly, it is not in Dallas. The town of Bellaire, a small enclave within the Houston metro area, has earned the top spot as the richest small town in Texas for 2025. Boo.

The report, "The Richest Small Town in Every State," from GoBankingRates, selected one city from each state, using data from the U.S. Census Bureau's American Community Survey to determine the 50 richest small towns based on their median household income.

Describing Bellaire as a "small town" might be a misnomer. It's located less than 10 miles from downtown Houston and is fully surrounded by the City of Houston. It's really more of a wealthy enclave within Houston, with a population of just over 17,000 residents.

Those affluent citizens earn a median $236,311 in income every year, which GoBankingRates says is the 11th highest household median income out of all 50 cities included in the report.

The average home in this city is worth over $1.12 million, but Bellaire's lavish residential reputation often attracts properties with multi-million-dollar price tags.

Bellaire also earned a shining 81 livability score for its top quality schools, health and safety, commute times, with an abundance of exceptional local amenities.

Those include conveniently located grocery stores, coffee shops, diverse dining options, and spacious parks.

It's not the first time that Bellaire has caught the eye of GoBankingRates, which previously ranked it as the No. 23 wealthiest suburb in America, and it's been named on similar lists comparing the richest American cities.

Dallas can take comfort in the fact that a different survey found Lewisville to be of the cities attracting the most high-income households, meaning those that make more than $200,000. However, census data places the most recent median income in Lewisville at $85,002 — so it's nowhere close to catching up to Bellaire.

suburbs houston bellaire affluent households