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Residential
Texas

Home values up a smidge across Texas Triangle

Low inventory leading to escalated prices, bidding wars among small pools of buyers

Texas homes
(Illustration by The Real Deal/Getty)

Home values have spiked across the nation even as buying activity has slowed amid high interest rates, with Texas metros seeing some of the smallest gains.

Typical home values in the United States climbed 1.4 percent from April to May, marking the largest month-to-month increase since last June, according to a report from Zillow.

All major Texas cities saw a bump in home values from April to May, though all fell short of the national average. Values rose by 0.6 percent in Austin, 0.7 percent in San Antonio, 0.8 percent in Houston, and 1.1 percent in Dallas. 

Columbus, Cincinnati, Detroit, Milwaukee and Richmond saw the biggest increases, registering month-to-month gains of 2 percent or higher. 

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Low inventory levels contributed to the spike in home values, the report says. Many would-be buyers and sellers are waiting for interest rates to lower before braving the market, but that’s led to bidding wars and high sales prices among the relatively small pool of active listings.

As of May, new listings were down almost 23 percent year-over-year in Austin, 12.4 percent in Dallas, 17.7 percent in Houston and 15.8 percent in San Antonio.

Home values also fell year-over-year across the Texas Triangle in May, with Austin’s 11.2 percent decrease marking the largest drop in the country. Home values year-over-year fell by 0.62 percent in Houston, 1.1 percent in San Antonio and 3.1 percent in Dallas.

Richmond, Virginia, saw the biggest spike in year-over-year home values in the country at 5.7 percent, followed by a 5.3 percent jump in Miami, 4.9 percent in Oklahoma City and 4.08 percent in Kansas City. 

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