Dallas continues to be one of the cheapest big city housing markets in the country, according to a new comparison of U.S. housing costs.

The annual price report by residential sales firm Coldwell Banker says similar houses in Dallas cost about 28 percent less than the national average.

The “snapshot” comparison is based on the purchase of a 2,200 square-foot single-family home with four bedrooms, two and one-half baths, a family room and a two-car garage located in a neighborhood that would appeal to relocating families.

That house costs $302,198 in the Dallas area, compared with an average of $422,343 in the 317 U.S. markets Coldwell Banker surveyed.

Texas had some of the most affordable home costs in the country, including the lowest priced market, Killeen, with an average price of $136,725. Arlington ranked third cheapest at $139,175.

The most expensive city on the list was Beverly Hills, where a similar house would take $2.21 million to purchase.

Dallas was the most expensive Texas market on the Coldwell Banker list, and was considered more costly than Fort Worth at $151,250 and Plano at $204,144.

Several recent forecasts have called for the Dallas area to see continued modest home prices increases in the year ahead, while the majority of U.S. housing markets are in decline.

“The real estate market has certainly changed over the last year,” Coldwell Banker CEO Jim Gillespie said Wednesday in a statement. “I continue to point out that we can not make national blanket statements about appreciation and inventory.

“Real estate is a local business, with each market having its own story to tell.”

Source:

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