DALLAS — Editor's note: The video above is from a previous story.
It's no secret that the housing market is hot.
The median price for a home in Dallas-Fort Worth has risen nearly 12% over the last year. They're selling faster, too - spending an average of just 24 days on the market.
But a new report suggests that those rising home prices are also making it harder to find a new home for less than $300,000 anywhere.
A June 2021 report from Inspection Support Network - using data from Zillow and the US Census - showed that the percentage of available homes for less than $300,000 now hovers around 35% - a decrease from 82% in 2002, roughly 20 years ago.
What's driving the boom in the housing market? It comes down to five main factors, according to a January 2021 analysis from Harvard University’s Joint Center for Housing Studies. Among them:
- a prolonged housing production shortfall since 2008;
- record-low mortgage rates;
- fewer homes for sale because of stay-at-home orders and pandemic concerns;
- a shift in family spending away from travel and entertainment toward housing; and
- more purchases of second homes
According to the report, Hawaii has the most expensive homes in the nation, with the median price at nearly $710,000. West Virginia has the lowest median price at just below $117,000.
While Dallas-Fort Worth is not among the 15 largest metros with the most expensive real estate, it does rank 23rd with a median home value of more than $289,000. That's roughly $8,000 more than the national average of $281,000. And that median home price is projected to grow by more than 15% over the next year.