The year 2020 was loaded with disheartening economic and health statistics.
But here’s a good statistic to start 2021: Dallas-Fort Worth home values gained $38 billion last year as increasing residential values and new construction added to the market, according to a recent Zillow report.
To put it in other terms, $38 billion represents the current value of more than 25 AT&T Stadiums ($1.5 billion). It’s more than nine times Mark Cuban’s $4.2 billion net worth, according to Forbes’ real-time tracker (Warning: this site is a time drain).
In the past decade, D-FW home values increased more than $330 billion, or 220 AT&T Stadiums. The region is ranked 11th nationally in total residential values, according to Zillow.
Speaking of nationally, home values grew $2.5 trillion in 2020, the largest annual increase since 2005. Texas is the country’s fourth-most valuable residential market with more than $2.1 trillion properties.
“2020 was a record-breaking year for the housing market with intense competition among buyers driving up home prices,” Zillow economist Treh Manhertz said in the report. “The housing market gained more than in any year since the Great Recession.”
Zillow predicts home values could gain even more in 2021, basing its projections on momentum, rising mortgage applications, and pending home sales.
“Continued low mortgage interest rates and favorable demographic tailwinds are both expected to contribute to a strong year for home sales in 2021,” Zillow economist Matthew Speakman said in the report.
