The DFW housing market is tight in just about every category right now, but demand for less expensive, entry-level homes continues to skyrocket. According to a recent report from Zillow, less than 15% of the homes sold in North Texas in 2017 were priced under $140,000, and prices for homes that are considered to be entry-level have risen by a jaw-dropping 78.8% just since 2012.
Dallas certainly isn’t the only market seeing significant price increases for entry-level homes, however, as prices on a nationwide scale have jumped 44.4% since 2012, and 8.5% in 2017.
For comparison, the most expensive homes in the U.S. only saw a 3.6% increase last year.
Also noted in the Zillow market report was that total residential property values in DFW increased by an estimated $50 billion in 2017, brining the overall value of homes in the area to nearly $518 billion.
LendingTree has also declared DFW to now be one of the most challenging markets in the U.S. for first-time home buyers in terms of affordability, putting even more pressure on anyone looking to make the transition from renting to owning to act sooner rather than later.
Posted by Kenneth G. Cox on
Leave A Comment