Dallas, TX (PRWEB) August 13, 2014
Fort Worth has always been considered the little brother to nearby Dallas, but the tides are very much shifting in this growing and bustling metropolis. Prudential Texas Properties reports Fort Worth’s value has increased dramatically as development in 2013 soared.
Last year, Fort Worth issued 10,576 building permits, a 7.9 percent uptick over the previous year making for a combined value of $2.3 billion, which is the largest value in the city’s entire history. Of those building permits, 8,115 of them were for residential purposes.
According to the Star-Telegram, the value of the city of Fort Worth increased 5.8 percent to $45.9 billion. City officials reported a $2.5 million increase in property tax income in 2014 and are expecting an even bigger jump in 2015 by an estimated $22 million.
“The development in Fort Worth is outstanding. Home buyers who want to get into an already established community with so much potential couldn’t find a better city than Fort Worth,” says DD Flynn VP of Marketing at Prudential Texas Properties. “Activity is staggering and Fort Worth is really giving Dallas a run for its money.”
Tarrant County as a whole saw its net taxable value rise $6.8 billion and its taxable property values increased by 5.3 percent from last year.
Since the start of the year, the median single-family home value in Fort Worth has increased dramatically, according to Altos Research, a California-based real estate analytics company. Starting in February when the median value was around $150,000, home prices gradually increased until the start of July when Altos reported the median price at $168,000.
Click here for a 60-second Fort Worth home market update.
©2014 BRER Affiliates LLC. An independently owned and operated broker member of BRER
Affiliates, LLC. Prudential, the Prudential logo and the Rock symbol are registered service
marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions
worldwide. Used under license with no other affiliation with Prudential. Prudential Texas
Properties is an independently owned and operated member of BRER Affiliates LLC. Equal