Real Estate Report

Dallas-Fort Worth home values soar past $500 billion during record-breaking year

The total value of all DFW homes? $517.8 billion, up 12.3 percent from 2016.

Photo courtesy of Dave Perry-Miller Real Estate

A new report from real estate data source Zillow says the positive growth of home values in Texas was on trend with the rest of the U.S in 2017.

The report, which includes information for 35 U.S. metro areas, shows that the total value of the U.S. housing stock gained $2 trillion in 2017, a 6.5 percent increase over 2016, the fastest pace in four years. All homes in the U.S. are now worth a cumulative $31.8 trillion.

“This was a record year for home values as the national housing stock reached record heights in 2017,” said Zillow senior economist Aaron Terrazas. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets.”

In Texas, the greatest growth was seen in Dallas-Fort Worth. The total value of all homes in DFW in 2017 was $517.8 billion — up 12.3 percent from 2016. That's the third-highest figure on the list (behind Columbus, Ohio, and San Jose, California). Renters in the area paid a total of $11.8 billion, up 2.4 percent from last year.

In Houston, the total value of all homes hit $393.4 billion, up 5.4 percent from 2016, while renters in the Bayou City paid a total of $10.3 billion, down 2.3 percent year over year.

The Austin metro area's total home value for 2017 was $174.7 billion, up 7.8 percent from 2016. Lessees paid $3.9 billion, down 2.1 percent from the prior year.

And San Antonio's cumulative home value reached $125.4 billion, up 7.1 percent. Renters paid $2.9 billion — about the same as 2016.

In 2017, renters across the nation paid a record high $485.6 billion, $4.9 billion more than they spent in 2016. However, analysis by Zillow indicates that the amount spent grew at the slowest pace in recent years as more tenants transitioned into homeownership and new rental supply slowed rent growth across the country.

As for the coming year, Terrazas notes, "Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018."

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T-Shirt News

Fort Worth clothing brand Dickies to relocate HQ to California

Dickies

Dickies T-shirt

After more than a century, workwear clothing brand Dickies is leaving Fort Worth for new headquarters on the West Coast. It will be moving from its current space at 500 Taylor St., at the top floor of The Tower, to California, with an estimated completion date of late spring 2025.

The company is relocating to Costa Mesa, home of its parent VF Corp, the footwear and apparel firm that owns brands such as Vans, The North Face, Timberland, Jansport, and Eastpak; VF Corp acquired Dickies in 2017.

"By co-locating Dickies with our Vans team in Costa Mesa, we will create an even more vibrant campus where creativity and best practice sharing can thrive through greater collaboration and connections – creating a dynamic and innovative environment similar to our other VF co-branded offices," says a Dickies representative in a statement, according to NBC 5.

According to Dickies, about 120 employees at the headquarters will be affected, but not those working at the local distribution facility, warehouses, and stores.

"We are deeply grateful for our Dickies associates’ dedication and hard work and want to recognize the camaraderie and commitment they have shown to the brand," the Dickies representative said in a statement. "Our priority is to ensure that everyone is treated with respect and care throughout this process. We will provide resources and assistance to help them navigate the next steps in their careers."

Fort Worth Mayor Mattie Parker chimed in on the relocation decision, stating that it's an example of a Fort Worth success story.

"While we understand companies are sometimes forced to make difficult budget decisions under new leadership, we think VFC will find – as others have – that Fort Worth, Texas is ultimately a more competitive place to do business,” Parker said in a statement.

Established in Fort Worth in 1922, Dickies brand impact, which was first founded by C.N. Williamson and E.E. "Colonel" Dickie, will still be felt, even after it leaves the city: In 2017, it gained naming rights to the 14,000 square-foot Dickies Arena next to the Will Rogers Memorial Center, and later opened in 2019.

According to the company, the California move will be managed over an "extended transition period." It's expected to be completed by May 2025.

"While this was a tough call, we are confident this change will help us revitalize Dickies so we can carry on the brand’s heritage for years to come," said the company representative.

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