Real Estate Report
A new report from Zillow says Texas' booming real estate growth was on trend with the rest of the U.S. in 2015.
The report, which includes info for 35 U.S. metro areas, shows that although total home value growth slowed in 2015, "there was still a significant increase in overall value, and many markets are more valuable than they’ve ever been." In fact, Dallas saw double-digit growth, and Houston is more valuable than ever before.
Just how valuable are Texas' top markets? The cumulative value of homes in San Antonio was $115 billion for 2015, the lowest among the Texas cities studied. In Austin, the value was $155 billion. Those figures pale in comparison to Dallas-Fort Worth and Houston, where home values hit $411 billion and $381 billion, respectively.
Despite a lower cumulative value, Austin homes had the highest prices in the state. According to Zillow's November home value index, the median Austin home value was $241,200. Values in Dallas-Fort Worth, Houston, and San Antonio were $175,600, $169,100, and $147,600, respectively. That's below the median U.S. home value of $183,000.
Similarly, the total rent paid in Dallas-Fort Worth ($12.8 billion) and Houston ($13.1 billion) was more than triple San Antonio's $3.3 billion and more than double Austin's $5 billion. However, renters in the Capital City faced the highest prices. In November, the median rent in Austin was $1,683, compared to $1,496 in Dallas, $1,578 in Houston, and $1,305 in San Antonio. Nationally, the median rent was $1,382.
Zillow reports that Americans shelled out nearly $20 billion more in rent in 2015 than 2014 for a record-breaking total of $535 billion. Home values nationwide grew $1.1 trillion in 2015 to an estimated $28.5 trillion.
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