Home Values in Dallas: Latest Tips and Trends

Interested to find out how much your home is worth in the current Dallas market? Whether you are considering selling, looking to drop PMI, or are simply interested in home values, this information can serve as a guide for your next steps.

In this article, we’ll explore home price trends in Dallas, offer advice on getting an accurate home value estimate, and provide practical tips for boosting your home’s value. We’ll also introduce helpful tools that can assist you in getting the best possible price when it comes time to sell your Dallas property.

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in Dallas

Since 2020, the median home value in the Dallas metro area has surged 45%. At the start of the decade, the typical home sold for $285,000, compared to $413,000 in June of this year, according to data from the MetroTex Association of Realtors.

“Now, our prices are still increasing at normalized levels, but they’re just very high for buyers that are especially sensitive to interest rates. So, higher interest rates coupled with increasing prices gives us some areas that are not very affordable,” said Elizabeth McCoy, an associated broker with Williams Trew Real Estate, in a recent article by NBC 5 Dallas-Fort Worth.

“When there are homes that are priced right, they’re in really great move-in condition; we are starting to see multiple offers come back on those properties.”

The table below illustrates just how high home prices have climbed in the Dallas metro area over the last five years:

Year
Median home price
Percent change year-over-year

2024 (June)
$413,000
-0.5%

2023 (June)
$415,000
-5%

2022 (June)
$435,000
+20%

2021 (June)
$350,000
+23%

2020 (June)
$285,000
+3%

Source: MetroTex Association of Realtors

This trend isn’t isolated to Pegasus City; it reflects a broader pattern nationwide. According to the S&P CoreLogic Case-Shiller National Home Price Index, home prices in the United States have surged by 47% since the start of 2020.

As a result, many homeowners have seen significant gains in their equity, providing them with wealth to invest in new properties, save for retirement, fund home improvements, or pay off debts. Recent data from ICE’s Mortgage Monitor report reveals that, as of February 2024, the average mortgage-holding homeowner in the U.S. has accumulated $299,000 in equity.

For comparison, the table below shows median home prices in cities near Dallas:

City
Median home price
Distance from Dallas

Southlake
$1,235,000
30-45 min (27.3 miles)

Keller
$662,900
35 min-1 hour (33.5 miles)

McKinney
$537,000
45 min-1.5 hours (32.6 miles)

Flower Mound
$636,700
35-55 min (28.7 miles)

Allen
$546,300
40 min-1 hour (26.1 miles)

Plano
$523,600
30 min-1 hour (20 miles)

Grapevine
$597,500
26-40 min (23 miles)

Colleyville
$1,097,300
35-55 min (28.5 miles)

Coppell
$676,800
28-45 min (22 miles)

University Park
$2,098,000
14-22 min (8.3 miles)

Home value averages of multiple public transaction sites 

Typical travel times 8 a.m. midweek

In the next section, we’ll guide you through different options to estimate the current value of your Dallas home.