A survey of home prices around Texas, tax rates around the country
orth Texas region were up 4.1 percent to 10,300 in January, according to the latest monthly report for North Texas Real Estate Information Systems. Pending sales decreased 10.2 percent to 7.084, and inventory shrank 5.8 percent to 20,511 units.
But the median sales prices sailed up 15.4 percent to $225,000, according to NTREIS. The average number of days units stayed on the market dropped 7.7 percent to 48, and “months supply of inventory” was down 8 percent to 2.3 months. That indicates that demand has increased relative to supply.
And NTREIS predicts that “the system is ripe for more home purchasing, if there are more homes available to sell.”
According to information compiled by REALTOR.com, the median listing price for homes in Texas listed on the real estate website is $240,000, with an average price per square foot of $103 and a median closing price of $130,000.
In Dallas County, the median listing price was $315,000, with an average price per square foot of $144. The median closing price was $131,000.
Listed among REALTOR.com’s “Top Cities” in Dallas County was “Village,” an area that, according to the website, encompasses the heart of Highland Park, bounded by Lovers Lane on the north side, Fitzhugh Avenue on the south, Dallas North Tollway on the west and Central Expressway on the east.
With 239 units listed for sale and none listed for rent, Village boasted a median listing price of $1.8 million, and an average price per square foot of $423. There was no median closing price listed.
Highland Park showed a median listing price was $795,000, with an average price per square foot of $315 and a median closing price of $211,000. The Oak Lawn area had a median listing price of $750,000, and an average price per square foot of $327, The median closing price was $174,000.
Across the Trinity in Tarrant County, the median listing price was $278,000,, and the average price per square foot was $114. The median closing price was $129,000.
Among the top areas in Tarrant County were Colleyville (median listing price $641,000, price per square foot $164), Grapevine (median listing price of $399,000, price per square foot of $153) and Westover Hills (median listing price of $396,000, price per square foot of $186 and median closing price of $99,000).
According to a recent survey compiled for WalletHub.com by its senior writer and editor John S. Kiernan, Texas is 46th out of the 50 states and the District of Columbia, in a ranking based on effective real estate property taxes.
With an effective real estate tax rate of 1.90 percent, Texas only ranked higher than five states: Wisconsin (1.96 percent), Connecticut (1.97 percent), New Hampshire (2.15 percent), Illinois (2.30 percent) and New Jersey (2.35 percent).
Also according to the WalletHub.com report, the median home value in Texas was $136,000 and the annual taxes on a home priced at the state median value were $2,578.
Hawaii ranked first, with an effective real estate tax rate of 0.27 percent, and 24 other states had effective real estate tax rates of less than 1 percent. Hawaii also had the highest median home value at $515,300, with annual taxes on a home prices at the state median value standing at $1,406.
The District of Columbia, fifth overall on the list with an effective tax rate of 0.56 percent, a state median home value $475,800 and annual taxes on a home priced at the state median value adding up to $2,665.
In New Jersey, which ranked 51st on the list, state median home value was $315,900, on which residents would have paid a whopping $7,410 in annual taxes.
The median home value in the U.S. as of 2015, the year of the most recent available data, was $178,600. Annual taxes in Texas on a $179,000 home were $3,386, compared to Hawaii, where annual taxes on a $179,000 home were only $487 and to New Jersey, where annual taxes on a $179,000 were a hefty $4,189.
This article appeared in the Dallas Voice print edition March 3, 2017.