Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Irving | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,785 | $248,418 | $242,182 |
| Price Trend (Annual %) | 14.6% | 9.9% | 8.2% |
| Median Gross Rent | $1,516 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Irving is about 73% higher than in Texas. Rent is about 13% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Irving, up about 14.6% and 6.9% a year respectively. Home prices are changing faster.
Median rent in Irving rose about 65.1% between 2015 and 2023, from $918 to $1,516. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Irving.
Buying the median-priced home in Irving costs roughly 23.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Irving. The price-to-rent ratio in Texas is about 15.5.
| Metric | Irving | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,785 | $248,418 | $242,182 |
| Median Household Income | $80,371 | $76,510 | $78,145 |
| Price-to-Income Ratio | 5.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Irving rose about 204.7%, while median household income rose about 71.1% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Irving | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 35.6% | 56.5% | 58.2% |
| Rental Rate | 57.4% | 33.8% | 31.3% |
| Vacancy Rate | 7.0% | 9.6% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Irving has a homeownership rate of 35.6%, lower than the Texas average of 56.5%. Its housing vacancy rate is 7.0%, compared with 9.6% in Texas.
Housing Stock
| Metric | Irving | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1986 | 1989 | 1978 |
| Median Number of Rooms | 4.3 | 5.4 | 5.5 |
The typical housing unit in Irving was built around 1986. On average, 2.7 people live in a home with about 4.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Irving, Texas.
What is the median home price in Irving, Texas?
The median home price in Irving, Texas is $430,785, higher than the Texas average of $248,418.
What is the average home price in Irving, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Irving, Texas?
The median gross rent in Irving, Texas is $1,516 per month, higher than the Texas average of $1,338.
What was the median gross rent in Irving in 2020?
In 2020, the median gross rent in Irving, Texas was $1,191 per month.
What is the price-to-rent ratio in Irving, Texas?
The price-to-rent ratio in Irving, Texas is about 23.7, meaning it would take roughly 23.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Irving.
Are home prices or rent rising faster in Irving, Texas?
Both home prices and rent are rising in Irving, up about 14.6% and 6.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Irving, Texas?
35.6% of households in Irving, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Irving, Texas?
The housing vacancy rate in Irving, Texas is 7.0%, lower than the Texas average of 9.6%.