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.