The median home price in Dallas has risen from around $320,000 in early 2021 to about $430,000 now. This represents an approximate 34% increase over five years. Considering that the national average increase during the same period was between 35% and 45%, Dallas is on the lower end of that range.

The yearly trends can be summarized simply. From 2021 to the first half of 2022, low interest rates and an influx of residents from other states led to double-digit increases. After interest rate hikes in the second half of 2022, the rate of increase noticeably slowed, and in 2023, there were signs of stabilization or slight adjustments in some areas. From 2024 to the present, there has been a gradual increase without significant fluctuations.

There are also regional differences. Areas with consistent demand, like Uptown and Preston Hollow, have seen increases above the average, while suburban new town areas have been relatively moderate. However, the differences are not large, so the gap between the citywide average and individual areas is not significant.

When compared to other cities, Dallas shows a distinct trend. It has not experienced the sharp spikes and drops seen in places like Austin, and thus has not had significant volatility. Instead, it has shown a steady and gradual upward trajectory.

The factors supporting this increase are clear. Many Fortune 500 companies have moved their headquarters to Dallas or expanded their operations, leading to an increase in high-income jobs. Due to Texas' low tax burden, there has also been a steady influx of residents from California, Illinois, and other states. Additionally, the supply of new homes has not kept pace with the population growth, contributing to upward pressure on prices.

The outlook should be viewed cautiously. Recent market trends indicate that new construction is increasing, which suggests that the supply shortage is gradually being addressed. However, as long as corporate relocations and population influx continue, the likelihood of significant price drops seems low. The prevailing view is that a gradual upward trend will continue for the time being.

For Korean households, Dallas is a market with strong stability. Since there have not been significant spikes or drops, the pressure regarding timing for purchases intended for actual residence is relatively low. However, areas with good school districts have already established high prices, so it is necessary to consider budget and commuting distances. If considering selling, it seems important to set realistic asking prices in light of the recent gradual increase in rates.

The past five years in Dallas have not been flashy but have been steady. If you prefer a market with low volatility, the current trend appears to be a case worth considering.