North Texas Sees a Record Increase in Price Per Square Foot

Across North Texas, homeowners (and buyers) feel the brunt of skyrocketing home values and price per square foot. Since January 2021, the average price per square foot of single-family homes rose 22%. That amounts to $188 per square foot. And with a limited supply of homes to meet demands, this increase in sale prices is likely to stay the same for North Texas.

Home Prices Spike in North Texas Suburbs

A lower inventory of active listed homes can drive up home prices. Suburbs of the Dallas/Fort Worth metroplex have seen some of the highest spikes in North Texas. For instance, not too long ago, buyers could find a modest single-family home in Collin County at or below $250,000. Today, the median cost for a home in Collin County is $465,250.

To the east, west, and south of Dallas County, home prices are also soaring. From just a year ago, single-family homes in Rockwall County have jumped 29%, bringing median home prices to $390,000. To the west in Denton County, the price hike is 27% with an average selling price of $420,000. South of Dallas County, the median price is $377,945, a 28% increase from a year earlier.

Housing Conditions Expected to Remain the Same

DFW Property Value

“With the continued growth in North Texas, we likely won’t see a lot of change soon,” said CEO and Founder of Home Tax Solutions, Trey Rome. According to president and CEO of Ebby Halliday, the conditions we saw in North Texas in 2021 have stayed the same. A lot of people continue to move to the Lone Star State. Whether for the job market or lower cost of living than elsewhere, this migration to Texas produces high demand on a limited supply of single-family homes for sale and the appreciation of housing prices is likely to continue.