The Texas Association of Appraisal Districts (TAAD) announced last week historic growth in Texas real estate values.
According to the association, regions throughout the state have seen increases in values between 10% and 50% since last year.
“The Texas real estate market is growing as fast as we have ever seen it in the state’s history,” said Alvin Lankford, president of the association. “We have all seen the countless stories about people who move to Texas from other states. This increase in population contributes to a shortage of homes available and to the increase in prices paid for homes.”
Lankford also said that according to state law, appraisal districts are to appraise property at its market value.
“We are regulated by the state of Texas to make sure we do our jobs fairly and accurately,” Lankford said. “We follow the law, state regulations and the reality of real estate market sales when making our determinations.”