Home prices are on the rise across the nation, and North Texas is certainly no exception. In late 2020, home prices in the Dallas area were up more than seven-percent over the previous year.
That’s according to recently released figures from the S&P CoreLogic Case-Shiller Home Price Index. Nationwide, home prices were up more than nine-percent when comparing November 2020 to November 2019.
That marked the highest annual increase in more than six years. Despite the gains, the Dallas area actually had one of the smallest home price gains of any of the 20 cities Case-Shiller tracked in its survey.
While demand is up, the number of homes on the market is down. Record-low mortgage rates are liking helping to fuel the demand.
Some also point to the ongoing pandemic, and the desire to move to suburban homes and neighborhoods.
It’s expected the trend will continue, at least for the next several months.