Dallas-Fort Worth saw the largest spike in home sales prices in the nation, according to a new study, with home prices up 39.5% over last year. The jump brought the current median home sales price in DFW to $362,782 in April, according to the latest Re/Max National Housing Report.
Todd Luong, a real estate agent with RE/MAX DFW Associates, called the increase "astonishing." Breaking it down in some of the popular suburbs north of DFW shows Frisco increased 36.6% over one year ago, McKinney rose 34.2%, and Little Elm climbed 33.9% over one year ago, Luong said. Luong said that population and job growth are pushing home prices higher across North Texas. "Corporate relocations have been the primary driver for all this," he said in an email. "During these past 10 years, office space in Dallas-Fort Worth has increased by over 55 million square feet, and only New York City has had more office space growth. "During the same 10 years, industrial space in Dallas-Fort Worth grew by 230 million square feet. All this growth means more jobs, and more jobs mean more people are moving here."
The high price growth affects longtime homeowners and current and recent home buyers and sellers, Luong noted. He said that appraisal districts have increased 2022 market values significantly across North Texas. On average, he said that home appraisals across Dallas County are up 25% compared to previous years. "I have never had so many people asking me for help with protesting their property taxes than this year," Luong said. "I hope there can be property tax relief for homeowners in the future. Otherwise, some people may not be able to afford to live in their current neighborhood anymore. I have clients who have already expressed this concern."