The Dallas Morning News Headline says that home prices are down again. To his credit, staff writer Steve Brown does try to soften the blow by saying prices are ‘declining more slowly.’
According to the Case Schiller Index, Dallas area homes decreased in value by 1.2 percent. Of all 20 major US markets, the Dallas area is the third strongest market for residential housing, behind Washington DC (2.7% increase) and Boston (1% decrease.)
So what is a Dallas area homeowner to make of this news? A better question is ‘What is the Dallas area?’ As a Realtor, I call the Dallas area cities reasonably near Dallas – like Dallas, Richardson, Plano, Garland, Carrollton, Farmers Branch, etc.
The Case Schiller method uses a much broader definition for ‘Dallas Area.’ The index uses the US Census Bureau MSA for their study. This defines the Dallas area as Wise, Denton, Collin, Hunt, Delta, Parker, Tarrant, Dallas, Rockwall, Kaufman, Johnson, and Ellis Counties.
Do you think Italy, TX is in the Dallas area? I don’t. Have you ever heard of Cooper, TX? I hadn’t until I looked at cities in Delta County, which is included in the ‘Dallas Area.’
I’m not saying that your house might not have declined in value. But it’s important to get the opinion of an expert. If you really want to know what your home is worth, get an appraisal or an opinion from a Realtor.
Or fill out the form below to get instant recent sales data from the Multiple Listing Service. If you’re a Plano resident looking for info, I promise it won’t skew the results based on sales in Millsap.