A new analysis shows several DFW area micro real estate markets are national standouts for home price appreciation
DALLAS — I’ve got good news, and I’ve got bad news. I hate it when people ask me which one I want first because I can’t definitively know that until I know what each one is.
So, we are just going to start with the good news: The real estate market here has had a red-hot run. One analysis shows that over the last decade, Dallas has experienced the third-largest percentage increase in home prices when compared to the other largest real estate markets in the country.
Now the bad news: The real estate market here has had a red-hot run. One analysis shows that over the last decade, Dallas has experienced the third-largest percentage increase in home prices when compared to the other largest real estate markets in the country.
I know, they’re the same. More about that in a moment. This insight comes from an analysis by Construction Coverage, which reports it relied on data from Zillow. The analysis found the median Dallas home price shot up a whopping 145.8 percent from 2014 to 2024 and that only homes in Tampa (up 175.4 percent) and Detroit (up 203.3 percent) appreciated by a greater percentage in that period when compared to other large markets in the U.S.
Now, huge jumps in home prices such as those are a lot like holographic stickers…they can look very different depending on the angle from which you are viewing them. The spike is good news if you owned a home in Dallas for those ten years. But looking at it from the perspective of a renter who has wanted to buy, that kind of price run-up can definitely look like bad news.
Here is part of the reason why: As those Dallas home prices reportedly zoomed 145.8 percent higher during that same ten-year span between the first quarter of 2014 and the first quarter of 2024, weekly paychecks in DFW were also up, but by a much more modest 43.06 percent.
An additional note about the home price analysis: The only other Texas cities on that list of the biggest cities that had the largest percentage increases in home prices were Arlington (up 133.8 percent from 2014 to 2024) and Fort Worth (up a reported 130.9 percent). And just one Texas name was on the list of midsize cities. Garland was identified as having a ten-year price run-up of 153.6 percent…even higher than the Dallas percentage! It is clear that something special has been happening specifically in North Texas real estate.
Those home prices, plus high mortgage rates, plus political uncertainty really slammed the brakes on home sales in the usually busy summer selling season last year, real estate broker Joe Atkins of Joe Atkins Realty explained: “Summer (2024) from my vantage point was one of the slowest summers we’ve seen in years.”
For perspective, Atkins has been around for a lot of summers here. “I’m going on 19 years.”
I have been periodically checking in with Atkins since the pandemic. We just chatted again about the market here as we get ready to head into this year’s busy spring and summer selling season, and I will have more of Atkins’ takes next week.
