Local price increases will trail the national rise.
Dallas-Fort Worth home prices are predicted to grow by more than 5% this year in a new forecast.
California-based Construction Coverage, a building industry research and reporting firm, predicts that median Dallas-Fort Worth home values will grow at a lower rate than the nation in 2021.
Home prices across the entire country are expected to increase by 7.9%.
“Record low home inventories in tandem with historically low mortgage interest rates will most likely ensure home prices continue to rise,” Construction Coverage’s new forecast says.
North Texas single-family home prices were up 7% year-over-year in the first 11 months of 2020, according to data from local real estate agents.
CoreLogic is forecasting that home price growth in the area will slow this year as the number of houses listed for sale grows.
Home sales in the area set a new record in 2020 — up 9% from 2019 levels, according to the Texas Real Estate Research Center.
In November, the median price of houses sold by real estate agents in North Texas was $295,000 — up 13% from November 2019 levels.
“Despite the current COVID-19 recession and the initial drop in home sales, the national housing market expanded significantly in 2020,” Construction Coverage analysts said. “At the state level, certain Western states like Idaho, Arizona, Washington and Utah experienced some of the largest changes in price since 2019 and are also forecasted to see the biggest increases in the coming 12 months.
“At the city level, Western locations are also disproportionately represented among the nation’s hottest real estate markets. In these areas, prices are growing quickly, homes are moving off the market fast, and buyers are typically paying very close to asking prices.”