DALLAS — Home sales prices appreciated more last year in Wise County than any county in North Texas, according to real estate analytics company ATTOM Data Solutions.
Sales prices in the county northwest of Fort Worth appreciated 5 percent between the end of 2018 and November 2019 to an average of $238,306, according to data ATTOM provided to the Dallas Business Journal.
Only 511 homes sold in Wise County between January and November 2019, according to ATTOM’s data. But many more homes are on the way.
Dallas-based PMB Capital in November purchased more than 3,400 acres of ranch land in and around the Wise County cities of Rhome and Newark for a new development that will eventually have more than 10,000 homes, said Peter Pincoffs, a partner at the real estate investment and development company.
The entire county of roughly 63,000 people currently has fewer than 25,000 homes, according to ATTOM’s data.
PMB Capital’s project will have homes that start in the low $200,000s and range up to $500,000 and more. The project is along the Highway 287 corridor, which is one of the hottest submarkets for homebuilding in North Texas.
“The rationale for us is a continuation of what’s gone on along Highway 287 coming north from I-35 up to the intersection with (Highway)114,” Pincoffs said. “The property that we bought is an extension of what is already a very proven corridor. We see this as a chance to build more affordably priced new homes than have been available out that way, and you’re still 15 minutes from Alliance Airport and 25 minutes from downtown Fort Worth.”
Speaking of Fort Worth, the second-highest sales price appreciation occurred in Tarrant County, according to ATTOM’s data. Prices rose 4.6 percent to $239,112 in the county.
Tarrant was followed by Hood County at 4.6 percent, then Rockwall County at 4.2 percent. The average sale prices rose to $250,000 in Hood, and $286,876 in Rockwall County.
Johnson County, where prices rose 3.6 percent to an average of $216,719, had the fifth-highest appreciation in North Texas, followed by Kaufman County, which increased 3.3 percent to $222,000.
Dallas County sales prices rose 3.1 percent to an average of $249,375 in the period.
The highest home price appreciation in the state occurred in Burnet County in Central Texas. Prices there rose 19.6 percent to $264,275.
Other sizable North Texas counties and their home price appreciation include:
· Ellis County, up 2.3 percent to $243,000
· Collin County, up 2.4 percent to $340,000
· Denton County, up 2 percent to $301,000
For a look at the type of home, you can purchase for about $300,000 across North Texas, click here.
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