D-FW and most U.S. metros have seen big home price gains over the last decade
Anyone who’s tried to buy a home lately knows how much Dallas-Fort Worth real estate prices have risen during the last few years. And if you’ve lived in your home for a decade or more, the value increase may surprise you.
The National Association of Realtors looked at long-term home value gains in major markets across the country. The increase in price was based on tenure in the house.
If you bought a D-FW-area home a decade ago, the Realtors’ researchers estimate that your house has gained more than $50,000 in value — an appreciation of more than 41%.
The real estate trade group made the estimates based on changes in median home prices and compared increases in value over time.
Nationwide, the average homeowner saw a $49,500, or 39%, rise over the decade.
“The collapse in housing prices during 2005 through 2012 led to a large loss in home equity for many homeowners, with nearly $6 trillion of home equity wiped out and nearly 10 million in home foreclosures as the median existing-home sales price (single-family) fell by 25% from $221,900 in 2006 to a low of $166,200 in 2011,” Realtors researchers said in the new report. “However, home prices have rebounded since 2011, to $274,500 in 2019, a 65% gain from the 2011 trough and a 24% gain from the 2006 peak.”
Looking at other Texas markets, home prices have risen even more in the Austin area, where they’re up by an average of $78,600, or almost 57%, during the last 10 years.
Values on average rose $57,000, or 54.%, in the Houston area and $54,300, or 54.7%, in the San Antonio area.
“In terms of the average percent gain over a 10-year period, the metro areas with the largest gains are: Sherman-Denison, TX (111%); Port St; Lucie, Fla. (86%); Anaheim-Sta. Ana- Irvine, Calif. (80%); Naples-Immokalee-Marco Island, Fla. (77%); Miami-Fort Lauderdale-West Palm Beach, Fla. (75%); Denver-Aurora-Lakewood, Colo. (73%); Nassau County-Suffolk County, N.Y. (72%); Punta Gorda, Fla. (71%); and Seattle-Tacoma-Bellevue, Wash. (71%),” the Realtors report.
A handful of U.S. metro area housing values are still in the red.
Home values on average are $59,200 less than they were 10 years ago in Bridgeport, Conn. And values are $18,400 lower in Norwich, Conn., $13,000 less in Hagerstown, Md., and $8,800 less in Allentown, Pa.