Is North Texas Real Estate Overpriced?

High-price markets like Frisco and Allen: With median house prices at $680,000 in Frisco and $552,759 in Allen, these cities are among the most expensive in North Texas. However, they still offer more affordability compared to cities like San Francisco or New York, where median home prices can exceed $1 million. The lower unemployment rates in these cities (around 3.8% to 5.4%) also suggest that the job markets are strong enough to support these prices.

Affordable options like Sherman and Anna: Sherman, with a median house price of $305,475, and Anna, at $390,342, offer more affordable options for buyers. These cities provide a balance between lower housing costs and access to nearby job markets, making them attractive for those who may not want to stretch their budgets to afford homes in higher-priced cities.

The unemployment rates across North Texas vary from 3.7% in Carrollton to 5.7% in Van Alstyne. Generally, lower unemployment rates indicate a strong local economy, which can drive housing demand and sustain home prices. Cities like Plano and McKinney, with unemployment rates below 4%, are particularly appealing due to their combination of relatively affordable housing and robust job markets.

When compared to other thriving metro areas in the U.S., North Texas still offers relative affordability. For example, cities like Denver or Seattle have seen sharp increases in home prices while maintaining competitive job markets, much like North Texas. However, the median prices in North Texas remain below these cities, making it an attractive option for those seeking value without sacrificing job opportunities or lifestyle.

While North Texas home prices have risen, the market remains balanced when considering the overall economic health of the region, including job opportunities, unemployment rates, and affordability compared to other major metro areas. Buyers can still find a range of price points across different cities, offering flexibility depending on individual preferences and needs. Ultimately, North Texas real estate may be more expensive than it once was, but it is not necessarily overpriced when viewed in the context of other growing U.S. regions.