HOUSING MARKET REPORT

Dallas deemed the No. 8 U.S. housing market for growth and stability in 2023

Dallas housing prices have increased 213 percent since 1998.

Photo by Sean Pavone/iStock

Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And Dallas took the No. 8 spot.

In SmartAsset’s 2023 report, Dallas-Plano-Irving earned its eighth best housing market ranking due to its massive 213 percent home price increase since 1998. Dallas ranked seventh in the same report last year.

The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.

Considering Dallas is the third largest city in the state based on its population, the housing market’s skyrocketing growth was inevitable. Plano was recently named one of the best suburbs to buy a house in. The area is also home to some of the nation's best large employers.

Interestingly, the neighboring Fort Worth-Arlington-Grapevine market ranked No. 14 in the SmartAsset study. Home prices there have shot up 202 percent since 1998, the study says. It ranked 15th in last year's survey.

Five other Texas metro areas earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S.

Austin-Round Rock earned the No. 1 spot with an eye-popping 354 percent growth rate, which is vastly greater than any other area in the country.

Two West Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent.

Home prices in San Antonio-New Braunfels have tripled since 1998, a 204 percent increase, earning them the No. 9 spot. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 204 percent growth rate.

The top 10 best housing markets for growth and stability are:

No. 1 – Austin-Round Rock
No. 2 – Midland, Texas
No. 3 – Boulder, Colorado
No. 4 – Fort Collins, Colorado
No. 5 – Kennewick-Richland, Washington
No. 6 – Rapid City, South Dakota
No. 7 – Odessa, Texas
No. 8 – Dallas-Plano-Irving
No. 9 – San Antonio-New Braunfels
No. 10 – Houston-The Woodlands-Sugar Land

Other Texas housing markets that earned spots in the report include Waco (No. 13), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).

In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.

The full report can be found on smartasset.com.

housing housing market reports dallas real estate plano irving real estate market

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