Dallas ranks third in U.S. for home price increase – The Dallas Morning News

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Homebuyers don’t need a study to tell them about high housing costs.

But a new report underscores the dramatic increase in home prices during the last decade — particularly in Dallas.

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Dallas ranked third in the country among large cities for the largest home price gains in the last decade — a whopping 175% increase, according to a report by researchers at Construction Coverage. The researchers used data from real estate site Zillow for their analysis.


Only Detroit and Tampa have seen a higher rate of home price inflation over 10 years. Nationwide, prices have almost doubled during the period.

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Dallas-Fort Worth real estate agents sold 6,416 homes during December – about a 6% decline in purchases from December 2022, according to data from the MetroTex Association of Realtors and the Texas Real Estate Research Center at Texas A&M University.

Dallas median home prices have risen from just $111,598 in 2013 to $306,877, according to Construction Coverage. Median prices for the entire metro area total almost $100,000 higher, including costs in newer suburban growth communities.

“While the real estate market appears to finally be cooling down, home price growth has been a defining economic trend in recent years,” Construction Coverage researcher Jonathan Jones wrote in the report. “Over the past decade, which has included recoveries from both the Great Recession and the COVID-19 recession, U.S. home values grew by more than 100%.

Housing costs in the Dallas-Fort Worth area have dipped by between 1% and 2% in the last year but remain near record highs.


“However, despite a recent decline in sale prices, the confluence of persistent inflation eroding purchasing power and mortgage rates exceeding 7% has offset any potential relief for aspiring homebuyers,” Jones said.

Some of Dallas’ suburbs have seen even bigger home price growth over the last 10 years. Prices soared by about 180% in Mesquite and were almost 176% higher in Garland, according to Construction Coverage.

Sharply higher mortgage rates have caused D-FW home sales to decline — down 7% in October from a year earlier. The median sales price for all of North Texas was $398,000, 1% lower than a year earlier.

A shortage of homes for sale and thousands of people moving to the D-FW area have kept demand for housing high.

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