City vs. Burbs
Across the country, there’s a shift happening in home values. For the first time in a long time, urban homes are beginning to outpace their suburban counterparts — though the trend hasn’t quite made its way to Dallas-Fort Worth. At least not yet.
Zillow looked at median home values in both urban and suburban areas in major cities around the nation, measuring changes from 2014-2015 and from 2010-2015.
In DFW, the median urban home value is $192,404, while outside the downtown core, the price jumps to $210,338. Over the last five years in North Texas, there’s been a 38.8 percent change for urban, and the ever-so-slightly higher 38.9 percent for suburban.
Within the last year, however, prices went up 13.4 percent in DFW city centers and 13.9 percent on the farther reaches. This is not in line with national trends, which saw urban homes leaping 2 percent over their suburban counterparts — a recent switch.
Just two years ago in the U.S., suburban abodes were still a solid 1.2 percent higher than urban.
“This trend, in part, reflects homebuyers’ changing preferences, as they seek amenity-rich, dense, and walkable areas that are often closer to their workplace,” says Zillow chief economist Dr. Svenja Gudell in a release. “In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”
Cities like Boston, San Francisco, and Washington, D.C. are seeing soaring urban numbers, especially per square foot. Seems people there are totally fine with paying way more for a smaller space as long as they’re in the city, while DFW residents are still clinging to the suburban American Dream.
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