Texas has the country’s fourth most valuable residential market.
Near-record home price gains in 2020 made Dallas-Fort Worth one of the most valuable home markets in the country.
The North Texas housing market gained $38 billion in value last year as rising residential values and new construction added to the market, according to a report by Zillow.
In the past decade, D-FW home values rose more than $330 billion. North Texas now ranks 11th in the country for total residential values, Zillow analysts found.
Nationwide, home values grew $2.5 trillion in 2020. It was the largest annual increase since 2005.
“2020 was a record-breaking year for the housing market with intense competition among buyers driving up home prices,” Zillow economist Treh Manhertz said in the report. “The housing market gained more than in any year since the Great Recession.”
Zillow is predicting even greater home value gains in 2021.
Texas is the country’s fourth most valuable residential market, with more than $2.1 trillion in properties. California is the most expensive home market with $7.8 trillion in properties.
Median sales prices of single-family homes in North Texas are now at record levels — just under $300,000. The price of homes sold by area real estate agents grew 7% in 2020 from 2019 levels.