The report, which includes information 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? In Dallas-Fort Worth, the cumulative home value hit $411 billion, the highest in the state. Houston, $381 billion, was followed by Austin, $155 billion, and San Antonio, $115 billion.
Despite a lower cumulative value, Austin’s median home value was the highest 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.
The total rent paid in Dallas-Fort Worth ($12.8 billion) and Houston ($13.1 billion) was more than double that of Austin ($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.
By: Arden Ward