Texas Housing Report. These 10 Cities Have Experienced The Biggest Increases

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It's no secret that many families across Texas are struggling with high inflation rates as inflation hit 8.5% in May. Groceries, fuel, and property have all experienced sharp increases, placing a heavy burden on people.

To combat these rising prices the Federal Reserve Board has lifted the mortgage rate.

So what effect has this had on the housing market? Nationally the number of house sales has dropped by 7.4%, from May 2021 to May 2022. And with estimates of a recession on the horizon, this is predicted to keep falling. This will come as a welcome relief to home buyers, who have seen steep increases in property prices in Texas over the last twelve months.

The median price of a house in Texas increased by 19.2%, from $327,700 to $390,600 over the last twelve months.

This week Forbes released a list of ten cities in Texas to have experienced the biggest increase in prices over the period from May 2021 to May 2022.

Let's take a quick look at them.

1. Waco

The median sale price increased from $155,000 to $247,000.

An increase over the last 12 months of 59.4%.

2. Allen

The median sale price increased from $456,000 to $672,475.

An increase over the last 12 months of 47.5%.

3. College Station

The median sale price increased from $252,175 to $347,501.

An increase over the last 12 months of 37.8%.

4. Longview

The median sale price increased from $188,000 to $257,500.

An increase over the last 12 months of 37.0%.

5. Temple

The median sale price increased from $240,000 to$328,101.

An increase over the last 12 months of 36.7%.

6. McKinney

The median sale price increased from $425,000 to $577,700.

An increase over the last 12 months of 35.9%.

7. Frisco

The median sale price increased from $541,750 to $725,000.

An increase over the last 12 months of 33.8%.

8. Plano

The median sale price increased from $430,000 to $570,000.

An increase over the last 12 months of 32.6%.

9. Flower Mound

The median sale price increased from $510,000 to $664,000.

An increase over the last 12 months of 30.2%.

10. Mission

The median sale price increased from $185,005 to $240,000.

An increase over the last 12 months of 29.7%.

Readers, have you been trying to purchase a home but been unable to due to the rising property prices? Do you believe the government should be doing more to assist people in finding a home?

Please leave our comment below.