A new report from Ten-X, an online real estate marketplace, shows cities in Texas dominated as the top single-family housing markets.
Three cities in Texas took the top three spots in the list of the hottest markets in Fall 2017. These same three Texas cities also finished in the top five hottest markets in the Summer 2017 report.
While home prices increased significantly in all three cities, they also remained affordable areas to buy homes as the labor market also grew. Ten-X explained the three cities have a bright outlook in their future housing markets.
“The cities at the top of our list have consistently seen the most favorable market factors,” Ten-X Executive Vice President Rick Sharga said. “However, hot housing markets can come and go.”
“It remains to be seen what impact Hurricanes Harvey and Irma will have on construction labor forces and housing inventory in Texas and Florida,” Sharga said. “Meanwhile, Southern California and Northeast markets continue to cool due to soaring prices and low inventory, which keeps homeownership out of reach for many first-time buyers.”
San Antonio, Texas, took the top spot with a median home price of $176,630, annual home price growth of 11.2% and annual home sales growth of 2.6%. Fort Worth, Texas, followed with its median home price of $191,549, home price growth of 10.8% and home sales growth of 2.5%. Dallas rounded off the three cities with a median home price of $231,503, home price growth of 9.9% and home sales growth of 2.7%.
Columbus, Ohio also advanced six spots to make it into the top five due to its increasing sales, home price gains, strong affordability and modest downside risk. Ten-X explained Tampa, Florida, also made it to the top five because of its strong economic and demographic growth since the Great Recession.
But Ten-X’s report isn’t the only one showing strong growth in Texas. Recently, Dallas rose twelve spots since 2016 to rank seventh in the “Innovation that Matters” report released by the U.S. Chamber of Commerce Foundation, Free Enterprise, C_TEC and 1776.
However, last year, a study from Nationwide Mutual Insurance Company ranked Dallas-Plano-Irving, Texas in its bottom 10 unhealthy markets in terms of housing affordability.