Thanks to a continued growth in job growth and population gains, DFW home prices continued to rise again in March, which is becoming an all-too-familiar trend for the local housing market.
According to recently updated data from Zillow, DFW was among the the three cities that saw the largest increases in home prices last month, following Seattle, which saw an 11.6% spike, and Tampa, which saw an 11.4% price hike.
Home prices in the Dallas-Fort Worth metro area increase by 11% back in March.
The substantial increase in median home prices in all three cities was nearly double the national average, which was recorded at 6.8%, which is a pretty high number as it is.
While rent prices around DFW are also at historic highs, the good news for potential home buyers is that nationally, rents for both homes and apartments rose at the slowest pace seen in five years, which can largely be attributed to new construction finally gaining some ground on current demand. Although with DFW still adding an estimated 100,000 new jobs a year, demand for housing, both on the rental and buying side of the market, is still much stronger than in many other cities across the county.
Along with a steeper increase in home prices, DFW rent prices are also higher than the national average, according to Zillow, registering an average monthly rent of $1,569 compared to the national average of $1,408 per month.