Property values have been on the rise throughout the nation as availability continues to become more limited. The combination from both a slowdown of overall residential property development along with the influx of younger buyers entering the market has pushed home values to all-time highs in many locations across the nation. It seems no area is outside the impact of these trends where the market is showing increases in property values all the way up to 10% growth in just under a year in both top metro and suburban areas.
Specifically, in Texas where the last five years has seen great deals of high volume increases in both residential and commercial, new findings are showing property values have increased on average 8-10% from 2018. This includes more affluent areas like that of Plano where an increase of property values rose $2.5 billion in taxable values.
With this information, residential areas like those noted in Texas are still being considered sellers markets. This means property buyers are likely paying a premium when purchasing their home in what is still being considered the height of market increases. Due to these trends many residents are turning to alternatives that will push off home buying until prices level out, whether that be later this year, next year or in the unforeseeable future.