The value of a typical home in the Dallas-Fort Worth metro area cost just over $275,500 at the beginning of 2021, according to the real estate firm Zillow. By the end of the year, that home would set you back nearly $345,000.
That’s more than $69,000 in price growth over the year, a 25% increase.
“This is a level of annual price appreciation we just never expected to see on a broad scale in the country or major metro area,” said Jeff Tucker, a Zillow housing economist. “That is a staggering amount of price growth.”
The growth in home prices has been driven by surging demand during the pandemic, and a constrained supply of housing, Tucker said. And while the housing market will cool off some this year, competition for homes will remain high.
“The sellers are in the driver’s seat. They don’t have much competition from other sellers in the form of active listings, and there’s tremendous…