Dallas-Fort Worth home prices predicted to soar another 21% in year ahead, Austin even higher – Dallas Business Journal – Dallas Business Journal






If you’re waiting for Dallas-Fort Worth’s rapid home price appreciation to cool before buying a house, you may have to sit it out for at least another year.
Despite some indicators that the Dallas-Fort Worth housing market may be cooling, a new report projects that home prices will increase an eyebrow-raising 21.1% over the next year.
The projected increase is the ninth highest in the nation, according to online home services portal Porch.
If you think that sounds high, try Austin (or maybe don’t), where Porch predicts prices will rise a jaw-dropping 37.1% over the next 12 months — the highest percentage increase in the country for large cities.
Phoenix has the second-highest forecast increase, at 26.2%, according to Seattle-based Porch Group (Nasdaq: PRCH). San Diego, Calif., ranks third, with a projected home price growth of 24.7% by August 2022
Porch used national home sales data from Zillow, Redfin and the U.S. Census to make its home price predictions.
Over the past 18 months, home prices across the nation have soared to levels unseen since the run-up to the 2008 financial meltdown. In April 2021, the year-over-year growth of the Case-Schiller Index for housing prices passed 14.5% for the first time ever.
If DFW hits the 21.1% projection, it will exactly match the metro area’s gain in home prices for the past year in the latest Case Schiller Index, which measured June 2020 through June 2021. The increase set a year-over-year record gain for the Dallas area.
The current median home price in Dallas-Fort Worth is $297,044, compared to the national median of $287,148, according to Porch. 
In DFW, real estate agents and brokers in the past two or three months say they’re seeing home prices continue to rise, but at a slower rate. 
“We still see multiple offers on properties, however not on every home, as we saw previously,” said Michael Coburn, broker/owner of RE/MAX Town & Country in Allen. “If a house … stays on the market over a week, buyers are not offering over the asking price and, in some cases, coming in with an offer lower than the list price.”
Nationwide, as in DFW, housing markets across the country were ablaze this past year. Redfin data shows the percentage of homes selling above asking price across the country shot up 13 percentage points compared to pre-pandemic levels. More than 60% of buyers were putting offers on houses sight unseen, and the number of homes being bought without an inspection nearly doubled compared to the previous year. 
Here is a summary of the data for the Dallas-Fort Worth-Arlington metro area:
For reference, here are the statistics for the entire United States, according to Porch:
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