Dallas-Fort Worth real estate is hot.
That’s the gist of a new study that names a whopping five North Texas suburbs among the top 10 best places in the U.S. to buy a home.
Frisco grabbed the No. 1 spot. Allen came in second, and McKinney, third. Denton and Richardson rounded out the top 10, at No. 8 and No. 10, respectively.
To develop the rankings, personal finance website WalletHub compared 300 U.S. cities of various sizes.
It examined a variety of factors, including the share of seriously underwater mortgages, the median number of days homes are on the market, home price appreciation and the foreclosure rate. The study also took into account home price and maintenance costs as a percentage of income.
“This year, the housing market is skewed much more toward sellers, with mortgage rates having nearly doubled in the past year and home values having risen nearly 21% on average,” the study reads.
“If you aim for long-term growth, equity and profit with your housing purchase, you’ll need to look beyond tangible factors like square footage and style.”
Potential homebuyers could soon start to see some better deals as the housing market begins to cool. The median sale price of a home in the Dallas-Fort Worth area was $421,000 in July, up 15% from the previous year but down 3% from June.
Other Texas cities mentioned in the top 50 were:
- Austin, No. 4
- Fort Worth, No. 11
- Carrollton, No. 17
- Plano, No. 19
- Grand Prairie, No. 23
- Irving, No. 27
- Dallas, No. 33
