Thinking about putting your home up for sale but just haven’t found the right time or conditions? Will the seller’s market remain hot this year?
The news is good. According to one analysis, median Dallas-Fort Worth market home values will grow 5.3 percent in 2021. California-based Construction Coverage analyzed data from Zillow in its study.
Nationally, home prices are projected to increase by 7.9 percent.
The reasons for the uptick sound like a broken record.
“Record low home inventories in tandem with historically low mortgage interest rates will most likely ensure home prices continue to rise,” Construction Coverage’s new forecast says.
Of the 95 largest real-estate markets to forecast home price growth, Dallas-Fort Worth’s values ranked 72nd. In 2020, the D-FW market’s median home price was $263,688, which represented a 3.3 percent one-year change.
According to the Texas Real Estate Research Center, the 2021 market will be characterized by strong demand with low inventories accompanied by solid price growth.
In its report, Construction Coverage identified the top-15 hottest real estate markets of 2020 based on a composite score that included previous 1-year home price change, median price cut, median days on the market, and projected 1-year home-price change.
Boise City, Idaho, emerged as No. 1 with an 11.5 percent one-year increase in price. The top eight markets are west of Albuquerque.
“At the state level, certain Western states like Idaho, Arizona, Washington, and Utah experienced some of the largest changes in price since 2019 and are also forecasted to see the biggest increases in the coming 12 months,” Construction Coverage analysts said.
Austin was the lone Texas market at No. 14 with a one-year 5.4 percent increase in home price. Austin’s projected growth in 2021 is 6.1 percent. San Antonio ranked 82nd, Houston 87th, and El Paso 92nd.
Buyers are also trending younger. Younger adults drove much of the increase in 2020 home sales, with millennials making up the largest share of home buyers at 38 percent, according to Construction Coverage’s study.