Dallas Homes Keep Jumping in Value — Is It Time to Buy?
Looking to buy a home in the Dallas metro area? Well, you better have a quick trigger finger. According to a recent GOBankingRates study, Dallas and the cities that make up its metro area have some of the fastest-selling homes in the entire nation. In fact, the homes in the city of Dallas and four major suburbs came in well under the national average for days on the market in 2018.
For the study, GOBankingRates determined the cities with the fastest-selling homes by analyzing the 100 largest U.S. cities based on the average number of days homes spent on the market, using Zillow’s December 2018 index (the most recent days-on-market data) and calculating the average days for the entire year 2018.
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On Average, Dallas Homes Are Selling Faster Than in the Rest of the US
In the year 2018, the average United States home stayed on the market for 76 days. Meanwhile, homes in Dallas beat that average by more than a week at 68 days. This trend is even more drastic when you look at the cities surrounding Dallas. Irving, Texas, an inner-ring suburb of Dallas, keeps homes on the market for an average of 59 days, and Fort Worth comes in at 55 days. Homes in the northeast suburb of Garland experience an even quicker turnaround at 52 days.
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However, the No. 1 place in the Dallas metro area where homes are selling the fastest happens to be where the Dallas Cowboys play — Arlington, Texas. In Arlington, homes are on the market for an average of only 47 days. This figure also puts Arlington ninth on the list of fastest-selling markets based on 2018 average for days on the market. Garland ranks 17th on the list, Fort Worth ranks 24th and Dallas ranks 63rd — placing all of the cities ahead of the national average, which ranks 75th on this list.
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Dallas Metro Area Home Values Are Jumping, Too
The Dallas metro housing market is not just outpacing the nation in terms of days on the market, it’s also seen much higher one-year home value changes than the national average, as well as some of the highest two-year home value changes when compared to other U.S. cities.
Here’s a breakdown of how Dallas metro area homes compare to the nation overall:
Location | Days on Market – 2018 Average | Median List Price – January 2019 | Median Home Value – January 2019 | 1-Year Home Value Change | 2-Year Home Value Change |
Dallas | 68 | $370,000 | $211,600 | 17.0% | 38.6% |
Garland | 52 | $219,900 | $203,300 | 12.4% | 30.5% |
Irving | 59 | $359,900 | $218,600 | 16.4% | 29.1% |
Fort Worth | 55 | $259,000 | $196,100 | 10.5% | 26.1% |
Arlington | 47 | $249,900 | $206,800 | 10.8% | 21.9% |
United States | 76 | $275,000 | $226,300 | 7.2% | N/A |
As the data shows, Dallas metro cities outpace the national one-year home value change average of 7.2 percent. Even at the low end, Arlington comes in over 3 percent higher than the national average with a 10.8 percent one-year home value change. Dallas itself is almost 10 percent higher, at 17.0 percent. Only Boise, Idaho (17.7 percent) and Newark, New Jersey (20.4 percent) rank higher in this category.
When you look at two-year home value changes, Dallas homes experience a whopping 38.6 percent increase. This figure puts Dallas above all U.S. cities compared in this study, except two: Jersey City, New Jersey (42.6 percent) and Newark, New Jersey (53.0 percent).
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The Dallas housing market is experiencing a boom that is outpacing the rest of the nation. So, with some economists already predicting when this boom will end, now might be the best time to buy if you are thinking about living in the Dallas area. Just be ready to make some quick decisions.
Keep reading to see which housing markets in America are slowing down.
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Methodology: GOBankingRates determined the fastest-selling states by analyzing the 100 largest U.S. cities based on the average number of days on the market, using Zillow’s December 2018 index (the most recent days-on-market data) for this metric and calculating the average days for the entire year 2018. This average value for each city was then used to rank the cities, with a ranking of 1 equivalent to cities with homes spending the fewest days on the market, and 100 equivalent to spending the most days on the market. Additional metrics were researched and analyzed for supplemental information, including (1) median listing price, sourced from Zillow’s January 2019 index; (2) median home value, sourced from Zillow’s January 2019 index; (3) one-year home value change, from January 2018 to January 2019; (4) two-year home value change, from January 2018 to January 2019.
This article originally appeared on GOBankingRates.com: Dallas Homes Keep Jumping in Value — Is It Time to Buy?
