Sherman-Denison Area Joins the Home Sales Frenzy, Plus Other Reports
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The latest quarterly median home sales report indicated significant price jumps to the north and the south of the Dallas-Fort Worth market.
Median home sales prices in Sherman-Denison were up 29.8 percent from the same three-month a year ago while Austin-area prices were 28.2 percent higher, according to a new report from the National Association of Realtors.
In between, Dallas-Fort Worth home prices were 11.2 percent higher than the first quarter of 2020.
We know that Austin-area home prices have been white-hot with even billionaire Elon Musk contributing to the frenzy. But Sherman-Denison? Down south of U.S. 75, we haven’t heard much about Texoma’s housing situation.
Tommi Homuth, owner and broker for Tracy Realty in Denison, told News12 in Sherman that a big reason for the frenzy is demand moving from Dallas-Fort Worth all the way to Texoma.
“If you’re trying to find a lake house right now — very very difficult, very limited,” Homuth said. “Things are going in a matter of hours not even in the matter of days because of the demand.”
But it’s like that all over. Home prices were up year-over-year in 99 percent and by double digits in 89 percent of the U.S. metro areas tracked by the National Association of Realtors.
Nationwide, the median existing-home sales price increased 16.2 percent from a year ago to a record $319,200. D/FW’s median sales price is $300,000.
“Significant price increases throughout the country simply illustrate strong demand and record-low housing supply,” Lawrence Yun, NAR’s chief economist said in the report. “The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers.”
Other Notable Reports
- Texas Housing Insight: Total Texas housing sales fell 6.4 percent during the first quarter amid rising mortgage rates and weather-related disruptions that dampened business activity in February, according to the Texas Real Estate Research Center. Inventory continued to be problematic: The months of inventory (MOI) metric fell to one month, ahead of the all-time statewide low of 1.4 months. The average days on market (DOM) sank to an unprecedented 32 and 28 days in Dallas and Fort Worth, respectively. Learn more.
- Texas Real Estate Research Center: Texas rural land purchases hit a record $1.69 billion last year as buyers took the rural route to escape the pandemic, according to the Texas Real Estate Research Center’s latest report. “In the aftermath of the COVID-induced economic lockdown, 2021 Texas rural land markets have exploded in a burst of activity,” said Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University. In North Texas, sales were up 31.6 percent to 2,503 first-quarter transactions. Median property prices increased 12.11 percent to $5,423 per acre. The Dallas-area rural land market experienced a 10 percent increase to 134 sales with median prices increasing 45 percent to $8,593 per acre. In Fort Worth, rural land purchases soared to 51 percent with median prices rising 35 percent to $9,537 per acre. Learn more.
- RENTCafé April Rent Report: The average rent in Dallas increased by 1.5 percent compared to April 2020, reaching $1,270, according to the RENTCafé April Rent Report. For comparison, the national average rent is $1,417 and had a similar increase, of 1.6 percent in a year. In Fort Worth, rent went up 5 percent, reaching $1,196. Arlington rents increased by 3.9 percent since last year, reaching $1,093. Learn more.
- Zumper Dallas Metro Area Report: Frisco ranked as the most expensive one-bedroom rentals at $1,300 per month, according to the Zumper Dallas Metro Area Report for April. Denton was the most affordable with one-bedrooms priced at $900 per month. Garland had fast-growing rent, up 13.5 percent from a year ago. Zumper analyzes active listings across 15 D/FW cities to show the most and least expensive cities and cities with the fastest-growing rents. Learn more.
- CoreLogic: D/FW-area home prices rose by about 10.7 percent from March 2020 levels, according to the latest report from CoreLogic. The nationwide increase of 11.3 percent, the fastest rate since 2006, was topped by Austin-area home prices, which rose by 14 percent year over year. San Antonio increased 9.7 percent and Houston 6.7 percent. Learn more (subscription)
SafeWise: Trophy Club is Texas’ safest city, according to a recent study by SafeWise. Cities were ranked using the latest FBI crime data, demographic information, and the company’s safety study. Colleyville was fourth. Other Dallas-Fort Worth-area cities on the list: Fate (sixth), Murphy (seventh), University Park (eighth), Highland Village (10th), Sachse (11th), Keller (15th), Melissa (17th), Joshua (18th), and Wylie (20th). According to the study, Texas’ safest cities have 67 percent fewer property crime incidents per 1,000 people than the rest of the state. Texans are 45 percent more concerned about property crime than most Americans. Learn more.
