A new report from Zillow says Texas' booming real estate growth was on trend with the rest of the U.S. in 2015.
The report, which includes information for 35 U.S. metro areas, shows that although total home value growth slowed in 2015, "there was still a significant increase in overall value, and many markets are more valuable than they’ve ever been." In fact, Dallas saw double-digit growth, and Houston is more valuable than ever before.
Just how valuable are Texas' top markets? The cumulative value of homes in Houston for 2015 was $381 billion, just behind Dallas-Fort Worth at $411 billion. Homes in the Houston metro gained $23.4 billion in total value, a 6.5 percent increase.
According to Zillow's November home value index, the median Houston home value was $169,100, rising 8.3 percent. The median home value in Austin was $241,200, the highest in the state, with Dallas-Fort Worth at $175,600 and San Antonio at $147,600. The median U.S. home value is $183,000.
The total rent paid in Houston was the highest in the state, at $13.1 billion, with a median rent of $1,578 per month, a 5.8 percent increase. Total rent paid in Dallas-Fort Worth was $12.8 billion, with $1,496 median rent.
While Austin's total rent in much less that the other larger Texas cities at $5 billion, its median rent at $1,683 median rent, is the highest in the state. Nationally, the median rent was $1,382.
Zillow reports that Americans shelled out nearly $20 billion more in rent in 2015 than 2014 for a record-breaking total of $535 billion. Home values nationwide grew $1.1 trillion in 2015 to an estimated $28.5 trillion.