Dallas-Fort Worth homes gained almost $25 billion in value in 2014, according to a new report from Zillow Inc.
The Seattle-based real estate marketing firm looked at real estate values in major home markets across the country.
Zillow said nationwide housing values have grown by an estimated $1.7 trillion this year – an increase of 6.7 percent.
D-FW –area home values rose by 7.4 percent during the year, Zillow’s analysts found.
“Looking at the total value of the U.S. housing stock proves just how huge and important the housing sector is to the overall economy,” Zillow Chief Economist Dr. Stan Humphries said in a statement. “Virtually nowhere else will you see gains of more than a trillion dollars in one year represent only single-digit percentages of the total market.
“As we conclude 2014 and look ahead at 2015 and beyond, housing will play a bigger role in the broader economic recovery,” he said. ”Housing is well positioned to continue the great strides already made this year.”
North Texas home prices are now at record high levels. Median home sales prices have risen by more than 10 percent above the peak before the recession in 2007.