Housing Boom

Red-hot Dallas-Fort Worth bucks this nationwide real estate trend

6932 Santa Monica Drive Dallas house for sale

Home inventory — and especially values — are up in DFW.

Photo courtesy of Dallas City Center Realtors

Zillow reports that the number of for-sale homes across the nation is dropping at its fastest pace in almost four years, but that's definitely not the case in Dallas-Fort Worth.

Our red-hot real estate market has 8.3 percent more homes for sale this year than last, with single-family home rentals and median home values also on an upward trajectory.

Nationally, home shoppers have 9 percent fewer homes from which to choose this year. That's the greatest drop in inventory since August 2013, when inventory was down more than 10 percent. Zillow says those rentals are to blame, but even a 66 percent local increase in home rentals can't slow DFW down.

"Thousands of single-family homes that were once bought and sold every few years prior to the recession have now been converted into rental properties by investors, trading hands much less frequently and further contributing to inventory shortages," says Zillow's chief economist, Dr. Svenja Gudell. "Inventory has been falling for years, with supply no longer meeting demand."

The typical home stayed on the market for just 77 days in April, the fewest days ever reported on Zillow. In DFW, that time frame was 64 days. That might be because DFW is enjoying a median home value increase of 11.2 percent, second only to Seattle and well above the national median increase of 7.4 percent. The median home value in DFW, according to Zillow, is $209,200.

Home inventory is rising even more rapidly in Austin, which has a nearly 24 percent increase — by far the most in the nation. Home values are up a healthy 7.5 percent, with rental inventory also up 65.5 percent.

The numbers are similar in Houston, where sellable inventory has increased 9 percent and rentals have risen 59 percent. Only H-Town's home values seem to be decreasing, with its -2.7 percentage the smallest in the study.

San Antonio is the only Texas city with lower inventory, but it's negligible, at a mere 0.9 percent. Home values there are also lower than the national median, up only 5.7 percent, while rental growth is also lagging at 38.8 percent.

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Haute Home Listing

Iconic Fort Worth designer's mansion hits market for $4.5M

Photo courtesy of Williams Trew

A dining room/library combo is classic Minton.

Joseph Minton is arguably the most influential interior designer and art collector in Fort Worth, and now his historic former home could be yours.

Built in the 1940s on a 1.7-acre lot in Westover Hills, the Greek-style home at 65 Westover Terrace is a showplace of flawless taste thanks to Minton's late-1990s renovation.

65 Westover Terrace Fort Worth home An abundance of windows floods the home with light.Photo courtesy of Williams Trew

Photo courtesy of Williams Trew

A dining room/library combo is classic Minton.

Minton sold the home to philanthropist and art collector Sue Cutler in 2005, who added a bedroom and bathroom — bringing the total to three and five, respectively — off the living room. Cutler died this past January at age 84.

The 4,779-square-foot home has a “lot of architectural details that you don’t find in most houses here,” listing agent Martha Williams, of Williams Trew Halliday/Luxury Portfolio International, tells Mansion Global. “[Minton] lowered the floor about three feet in order to get higher ceilings.”

Williams also points out that Minton added the cupola and the downstairs powder room, painted the red brick exterior white, raised the fireplace in the living room, and added scraped hardwoods, elaborate moldings, high-end hardware, and panes to the front windows to bring in more light.

65 Westover Terrace Fort Worth home A distinctive blue and white tile grounds a sitting room.Photo courtesy of Williams Trew

Speaking of light, the exquisite mansion is absolutely flooded with it. There is also plentiful outdoor access thanks to terraces, patios, and sun-filled sitting rooms overlooking the treetops.

“It’s a beautiful wooded lot, wonderfully private,” Williams adds.

One of Minton's signatures is bookshelves in the dining room, and this home is no exception. Any bibliophile would be thrilled to fill this conversation-worthy room, that comes complete with its own bar, with hardbacks and houseguests.

The kitchen may be small by modern standards, but Minton's stainless steel countertops add a sleek touch to the warm wood. A butler's pantry expands the storage even more. Varying colors of marble make each bathroom a delightful surprise.

The recently added bedroom and bathroom next to the living room can function as the primary suite, while the original primary suite is upstairs and boasts its own dressing room. A third guest suite gets cozy upstairs with a fireplace (there are several overall).

65 Westover Terrace Fort Worth home The original primary suite has its own dressing room.Photo courtesy of Williams Trew

A one-car garage with carport and a magical set of stone steps leading to the large backyard complete the $4.5 million listing, which already shows as pending.

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