Dallas Deemed No. 8 U.S. Housing Market for Growth and Stability in 2023
Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And Dallas took the No. 8 spot.
In SmartAsset’s 2023 report, Dallas-Plano-Irving earned its eighth best housing market ranking due to its massive 213 percent home price increase since 1998. Dallas ranked seventh in the same report last year.
The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.
Considering Dallas is the third largest city in the state based on its population, the housing market’s skyrocketing growth was inevitable. Plano was recently named one of the best suburbs to buy a house in. The area is also home to some of the nation’s best large employers.
Interestingly, the neighboring Fort Worth-Arlington-Grapevine market ranked No. 14 in the SmartAsset study. Home prices there have shot up 202 percent since 1998, the study says. It ranked 15th in last year’s survey.
Five other Texas metro areas earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S.
Austin-Round Rock earned the No. 1 spot with an eye-popping 354 percent growth rate, which is vastly greater than any other area in the country.
Two West Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent.
Home prices in San Antonio-New Braunfels have tripled since 1998, a 204 percent increase, earning them the No. 9 spot. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 204 percent growth rate.
The top 10 best housing markets for growth and stability are:
- No. 1 – Austin-Round Rock
- No. 2 – Midland, Texas
- No. 3 – Boulder, Colorado
- No. 4 – Fort Collins, Colorado
- No. 5 – Kennewick-Richland, Washington
- No. 6 – Rapid City, South Dakota
- No. 7 – Odessa, Texas
- No. 8 – Dallas-Plano-Irving
- No. 9 – San Antonio-New Braunfels
- No. 10 – Houston-The Woodlands-Sugar Land
Other Texas housing markets that earned spots in the report include Waco (No. 13), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).
In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.
The full report can be found on smartasset.com.
Source: Dallas Culture Map