What were you doing last decade?
You probably weren’t as busy as real estate agents in the Texas housing market. From 2011 to 2020, their efforts made Dallas/Fort Worth-Arlington the state’s top metro market in homes sold, according to the Texas Realtors‘ recent A Decade in Texas Real Estate report.
In the past decade, the D/FW/Arlington market passed the keys on to new buyers 923,528 homes at a sales volume of $260.5 billion, nearly 30 times Jerry Jones’ net worth.
Statewide, nearly 3.12 million homes were sold in the past decade.
“The Texas housing market thrived during the last decade,” said Dr. Luis Torres, a research economist with the Texas Real Estate Research Center at Texas A&M University. “It expanded at a record pace, achieving consistent home sales growth each year and strong home price growth during the decade.”
Data for the report was provided by the Data Relevance Project, a partnership among local Realtor associations and their Multiple Listing Services (MLS), and Texas Realtors, with analysis by the Texas Real Estate Research Center.
In the D/FW-Arlington market, 112,576 homes were sold, a 79 percent increase from the 62,957 sold in 2011. In 2020, the median price was $291,000, a 94 percent increase from the $149,900 median price in 2011. The average price per square foot increased from $80 in 2011 to $148 in 2020. Homes spent 45 days on the market in 2020 as opposed to 86 in 2011.
In total homes sold by the year, D/FW-Arlington experienced an off-year in 2018 (100,334 sold) but rebounded in 2019 with 103,548 sold. Median prices increased every year.
The Houston metro area was Texas’ second-busiest home market with 811,105 home sales valued at $224.2 billion. All of the state’s major metro areas are among the top-10 U.S. homebuilding markets.
“We’ve had a dynamic real estate market in Texas over the past decade,” said Marvin Jolly, Texas Realtors chairman. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new home technologies, and, of course, the pandemic.”
