Home values in Texas dropped this year for the first time since 2011, Zillow data shows

KXAN
by: Christopher Adams
Posted: Dec 24, 2023 / 07:00 AM CST

AUSTIN (KXAN) — Home values in Texas fell in 2023 for the first time in more than a decade, according to data from Zillow.

The value of a typical home in the state dropped by about $2,912 between Dec. 31, 2022 and Nov. 30, 2023, a decrease of 0.97%. Nationwide, the typical home increased in value by 2.5% during the same time frame.

As of Nov. 30, a typical home in Texas is worth $296,127.27, down from $299,039.22 at the start of the year.

Home values in Texas haven’t dropped since 2011, when they fell by 2.5% statewide. This year’s drop comes after two years of double-digit percentage increases in home values. A typical home increased in value by 17.8% in 2021, and a further 11.8% in 2022.

Zillow’s “Home Value Index” (ZHVI) is a seasonally adjusted measure of the typical home value in any given area. According to Zillow, the index reflects the typical value for homes in the 35th to 65th percentile range.

The map below shows the typical home value in counties across Texas as of Nov. 30.

Kendall County, northwest of San Antonio, has the highest home prices. A typical home there is worth about $570,000 as of the end of November. Blanco County, west of Austin, is second, with a typical home value of just over $564,000.

The typical home is worth more than half a million dollars in three other counties: Gillespie, Collin and Travis.

Zillow has data for 243 of Texas’ 254 counties. Hardeman County, northwest of Wichita Falls, has the cheapest homes in the state, with a typical value of about $52,000. Values are below $100,000 in an additional 39 counties.

Where are home values changing the most?

While home values across Texas decreased by 1% this year, there was considerable variation across the state.

Home values increased by more than 6% in Hidalgo and Maverick counties, along the border, and in Gray County in the Panhandle. Values increased in 56 counties in total, while 187 saw a decrease.

Two counties saw home values drop by more than a quarter: Reeves County, east of El Paso, and Motley County, northeast of Lubbock. Another 34 counties saw a decrease in home values of more than 10%.

When looking at the past five years though, the majority of counties have seen large increases in home values. Compared to November 2018, values in Blanco, Burnet, Dallam and Cherokee counties are now more than 70% higher.

In Blanco County, the typical home value increased by 76.7%, from about $319,000 to more than $564,000.

Only 13 counties have seen a decrease in home values over the past five years. Ochiltree County, in the northern Panhandle, saw the biggest drop, from about $130,000 in 2017 to $113,000 now, a decrease of 13.2%.

Typical home values in Texas metro areas

There is significant variation in home prices across the state. The charts below show home values in counties in many of the state’s largest metro areas. The charts are interactive, so you can hover over or click to see home prices.

Collin County

• Typical home value, November 2023: $508,935.50
• One-year price increase: +1.7%
• Five-year price increase: +55.6%
• Price increase since Jan. 2000: +175.3%

Dallas County

• Typical home value, November 2023: $309,692.17
• One-year price decrease: -0.1%
• Five-year price increase: +51.8%
• Price increase since Jan. 2000: +231.2%

Denton County

• Typical home value, November 2023: $452,060.35
• One-year price decrease: -0.4%
• Five-year price increase: +50.1%
• Price increase since Jan. 2000: +179.6%

Rockwall County

• Typical home value, November 2023: $415,662.93
• One-year price decrease: -2.1%
• Five-year price increase: +48.9%
• Price increase since Jan. 2000: Data not available

Tarrant County

• Typical home value, November 2023: $322,697.73
• One-year price decrease: -1.9%
• Five-year price increase: +52.2%
• Price increase since Jan. 2000: +189.9%

Brazoria County

• Typical home value, November 2023: $313,173.14
• One-year price increase: +0.01%
• Five-year price increase: +36.0%
• Price increase since Jan. 2000: +151.9%

Fort Bend County

• Typical home value, November 2023: $375,374.12
• One-year price increase: +0.6%
• Five-year price increase: +44.2%
• Price increase since Jan. 2000: +139.4%

Galveston County

• Typical home value, November 2023: $314,880.89
• One-year price decrease: -0.9%
• Five-year price increase: +43.0%
• Price increase since Jan. 2000: Data not available

Harris County

• Typical home value, November 2023: $277,484.00
• One-year price decrease: -0.9%
• Five-year price increase: +43.5%
• Price increase since Jan. 2000: +156.4%

Montgomery County

• Typical home value, November 2023: $346,050.68
• One-year price decrease: -0.8%
• Five-year price increase: +42.0%
• Price increase since Jan. 2000: +138.4%

Bexar County

• Typical home value, November 2023: $262,695.90
• One-year price decrease: -2.2%
• Five-year price increase: +43.3%
• Price increase since Jan. 2000: +161.6%

Comal County

• Typical home value, November 2023: $445,713.40
• One-year price decrease: -3.3%
• Five-year price increase: +51.0%
• Price increase since Jan. 2000: Data not available

Guadalupe County

• Typical home value, November 2023: $318,228.70
• One-year price decrease: -3.7%
• Five-year price increase: +37.4%
• Price increase since Jan. 2000: Data not available

Kendall County

• Typical home value, November 2023: $570,001.84
• One-year price increase: +0.3%
• Five-year price increase: +50.3%
• Price increase since Jan. 2000: Data not available

Medina County

• Typical home value, November 2023: $295,559.56
• One-year price decrease: -3.7%
• Five-year price increase: +36.0%
• Price increase since Jan. 2000: Data not available

Bastrop County

• Typical home value, November 2023: $359,157.05
• One-year price decrease: -8.1%
• Five-year price increase: +53.5%
• Price increase since Jan. 2000: +198.4%

Caldwell County

• Typical home value, November 2023: $302,273.87
• One-year price decrease: -5.6%
• Five-year price increase: +62.6%
• Price increase since Jan. 2000: Data not available

Hays County

• Typical home value, November 2023: $404,848.45
• One-year price decrease: -6.7%
• Five-year price increase: +51.7%
• Price increase since Jan. 2000: Data not available

Travis County

• Typical home value, November 2023: $505,871.17
• One-year price decrease: -7.7%
• Five-year price increase: +50.7%
• Price increase since Jan. 2000: +181.2%

Williamson County

• Typical home value, November 2023: $426,214.61
• One-year price decrease: -7.6%
• Five-year price increase since Nov. 2017: +53.8%
• Price increase since Jan. 2000: Data not available

Cameron County

• Typical home value, November 2023: $174,016.27
• One-year price increase: +5.3%
• Five-year price increase: +54.1%
• Price increase since Jan. 2000: Data not available

Hidalgo County

• Typical home value, November 2023: $180,135.10
• One-year price increase: +6.2%
• Five-year price increase: +66.7%
• Price increase since Jan. 2000: Data not available

Starr County

• Typical home value, November 2023: $105,954.14
• One-year price decrease: -6.3%
• Five-year price increase: +19.6%
• Price increase since Jan. 2000: Data not available

Willacy County

• Typical home value, November 2023: $98,335.17
• One-year price decrease: -8.3%
• Five-year price increase: +6.0%
• Price increase since Jan. 2000: Data not available

Doña Ana County (New Mexico)

• Typical home value, November 2023: $276,875.14
• One-year price increase: +7.5%
• Five-year price increase: +57.2%
• Price increase since Jan. 2000: Data not available

El Paso County

• Typical home value, November 2023: $208,925.13
• One-year price increase: +5.7%
• Five-year price increase: +55.6%
• Price increase since Jan. 2000: +120.1%

Crosby County

• Typical home value, November 2023: $68,558.77
• One-year price decrease: -7.9%
• Five-year price decrease: -11.5%
• Price increase since Jan. 2000: Data not available

Hale County

• Typical home value, November 2023: $110,151.54
• One-year price decrease: -4.8%
• Five-year price increase: +25.9%
• Price increase since Jan. 2000: Data not available

Hockley County

• Typical home value, November 2023: $145,096.88
• One-year price decrease: -0.04%
• Five-year price increase: +20.4%
• Price increase since Jan. 2000: Data not available

Lubbock County

• Typical home value, November 2023: $204,974.83
• One-year price increase: +0.2%
• Five-year price increase: +30.2%
• Price increase since Jan. 2000: +154.2%

Lynn County

• Typical home value, November 2023: $142,449.81
• One-year price decrease: -6.4%
• Five-year price increase: +4.2%
• Price increase since Jan. 2000: Data not available

Armstrong County

• Typical home value, November 2023: $178,734.28
• One-year price increase: +0.7%
• Five-year price increase: +37.0%
• Price increase since Jan. 2000: Data not available

Carson County

• Typical home value, November 2023: $131,471.09
• One-year price decrease: -3.4%
• Five-year price increase: +22.4%
• Price increase since Jan. 2000: Data not available

Potter County

• Typical home value, November 2023: $133,035.60
• One-year price increase: +2.3%
• Five-year price increase: +50.9%
• Price increase since Jan. 2000: Data not available

Randall County

• Typical home value, November 2023: $243,049.40
• One-year price increase: +2.0%
• Five-year price increase: +41.9%
• Price increase since Jan. 2000: Data not available

Bell County

• Typical home value, November 2023: $252,798.53
• One-year price decrease: -3.0%
• Five-year price increase: +59.2%
• Price increase since Jan. 2000: Data not available

Coryell County

• Typical home value, November 2023: $218,996.52
• One-year price decrease: -2.0%
• Five-year price increase: +66.1%
• Price increase since Jan. 2000: Data not available

Falls County

• Typical home value, November 2023: $120,300.88
• One-year price decrease: -7.8%
• Five-year price increase: +21.8%
• Price increase since Jan. 2000: Data not available

Lampasas County

• Typical home value, November 2023: $290,055.64
• One-year price decrease: -3.0%
• Five-year price increase: +57.8%
• Price increase since Jan. 2000: Data not available

McLennan County

• Typical home value, November 2023: $253,183.78
• One-year price decrease: -0.2%
• Five-year price increase since Nov. 2017: +62.9%
• Price increase since Jan. 2000: Data not available

Gregg County

• Typical home value, November 2023: $209,845.91
• One-year price increase: +3.2%
• Five-year price increase: +33.7%
• Price increase since Jan. 2000: +150.6%

Rusk County

• Typical home value, November 2023: $190,758.41
• One-year price increase: +1.4%
• Five-year price increase: +40.7%
• Price increase since Jan. 2000: Data not available

Smith County

• Typical home value, November 2023: $263,877.96
• One-year price increase: +5.0%
• Five-year price increase: +55.6%
• Price increase since Jan. 2000: Data not available

Upshur County

• Typical home value, November 2023: $229,972.25
• One-year price increase: +0.6%
• Five-year price increase: +48.9%
• Price increase since Jan. 2000: Data not available

Wood County

• Typical home value, November 2023: $267,073.28
• One-year price increase: +1.0%
• Five-year price increase since Nov. 2017: +61.0%
• Price increase since Jan. 2000: Data not available

Callahan County

• Typical home value, November 2023: $159,752.35
• One-year price decrease: -4.3%
• Five-year price increase: +18.9%
• Price increase since Jan. 2000: Data not available

Jones County

• Typical home value, November 2023: $123,069.62
• One-year price increase: +1.7%
• Five-year price increase: +22.6%
• Price increase since Jan. 2000: Data not available

Taylor County

• Typical home value, November 2023: $192,112.52
• One-year price increase: +2.5%
• Five-year price increase: +38.0%
• Price increase since Jan. 2000: Data not available

Archer County

• Typical home value, November 2023: $202,888.97
• One-year price decrease: -2.1%
• Five-year price increase: +38.4%
• Price increase since Jan. 2000: Data not available

Clay County

• Typical home value, November 2023: $172,546.75
• One-year price decrease: -2.3%
• Five-year price increase: +37.0%
• Price increase since Jan. 2000: Data not available

Wichita County

• Typical home value, November 2023: $153,840.13
• One-year price increase: +2.3%
• Five-year price increase: +60.5%
• Price increase since Jan. 2000: Data not available

Ector County

• Typical home value, November 2023: $210,062.91
• One-year price increase: +2.1%
• Five-year price increase: +20.2%
• Price increase since Jan. 2000: Data not available

Martin County

• Typical home value, November 2023: $205,482.23
• One-year price decrease: -3.0%
• Five-year price increase: Data not available
• Price increase since Jan. 2000: Data not available

Midland County

• Typical home value, November 2023: $290,360.57
• One-year price increase: +3.5%
• Five-year price increase: +15.1%
• Price increase since Jan. 2000: Data not available