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Home Values Are Heating Up in Texas

Doug Whiteman
Home Values Are Heating Up in Texas

Thanks to ultra-low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Texas?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Texas is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Texas

Home values have been rising throughout Texas and are up 5.32% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $198,100, Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.57%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.57% and the median home price for Texas at $198,100, a representative monthly mortgage payment would be $897.

How the Texas housing market stacks up

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Dallas, Texas cityscape with blue sky at sunset, Texas

Property values in Texas are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Texas, they're expected to rise 3.38%.

Homes are going on the market in Texas at a median price of $110 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Texas home prices over the last 10 years

Year Avg. Price
2019* $198,238
2018 $187,958
2017 $175,508
2016 $160,383
2015 $147,233
2014 $138,033
2013 $131,275
2012 $127,575
2011 $128,108
2010 $130,942
2009 $132,008

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Texas is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $275,000
2018 $262,500
2017 $247,500
2016 $225,000
2015 $210,000
2014 $195,000
2013 $185,000
2012 $177,500
2011 $177,500
2010 $182,500
2009 $182,500

*2019 price average through August 2019.