7 TEXAS CITIES WITH THE MOST HOME PRICE INCREASE

 

Rising mortgage rates have certainly had an impact on housing markets in the United States, with the number of home sales nationally declining by 7.4%, from 636,507 home sales in May 2021 to 589,146 home sales in May 2022, according to the latest data from Redfin.

Texas has always displayed exceptional traits when it comes to its economy and housing market compared to the U.S. overall. Indeed, looking back at the surge in prices during the late-2000s housing bubble, the graph for Texas home prices barely reflects the growing bubble displayed in the national graph.

Using housing data from Redfin, we broke down in detail the 2022 Texas housing market and where it’s headed. Looking at the increase in median sale price from May 2021 to May 2022, 7 Texas housing markets really stand out. Here are the top 7 cities in Texas where home prices have risen the most thus far, starting with number 7.

7. Frisco, Texas
Median sale price – May 2021: $541,750
Median sale price – May 2022: $725,000
Home price growth YOY: 33.8%

6. McKinney, Texas
Median sale price – May 2021: $425,000
Median sale price – May 2022: $577,700
Home price growth YOY: 35.9%

5. Temple, Texas
Median sale price – May 2021: $240,000
Median sale price – May 2022: $328,101
Home price growth YOY: 36.7%

4. Longview, Texas
Median sale price – May 2021: $188,000
Median sale price – May 2022: $257,500
Home price growth YOY: 37.0%

3. College Station, Texas
Median sale price – May 2021: $252,175
Median sale price – May 2022: $347,501
Home price growth YOY: 37.8%

2. Allen, Texas
Median sale price – May 2021: $456,000
Median sale price – May 2022: $672,475
Home price growth YOY: 47.5%

1. Waco, Texas
Median sale price – May 2021: $155,000
Median sale price – May 2022: $247,000
Home price growth YOY: 59.4%

In the state wide Texas housing market, the median sale price for a home rose by 19.2%, from $327,700 in May 2021 to $390,600 in May 2022. That year-over-year increase in home prices is greater than the U.S. overall, which saw its median sale price increase by 14.8% from May 2021 to May 2022. However, the median sale price for a home in Texas is still more affordable than the U.S. median: $390,600 versus $430,621 in May 2022, respectively.

Home sales in the Texas housing market have declined over the last year, by 4.3%, from 31,758 home sales in May 2021 to 30,386 home sales in May 2022. However, the year-over-year decline of 4.3% is not as steep as the U.S. overall decline of 7.4%. In terms of sales-to-list ratio, the Texas housing market is just a little below the national average, with Texas having a sales-to-list ratio of 102.7% and the U.S. having one of 103.1% in May 2022.

How do you think your business will be affected by these reports?


About the writer: Shaura Cuyan writes all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs both locally and internationally and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication and has a Masters degree in Development Communication.   

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