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 | Southlake | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,568,013 | $248,418 | $242,182 |
| Price Trend (Annual %) | 51.9% | 9.9% | 8.2% |
| Median Gross Rent | $2,208 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 10.1% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Southlake is about 531% higher than in Texas. Rent is about 65% 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 Southlake, up about 51.9% and 10.1% a year respectively. Home prices are changing faster.
Median rent in Southlake rose about 84.9% between 2015 and 2023, from $1,194 to $2,208. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 7.8 yearly household incomes in Southlake.
Buying the median-priced home in Southlake costs roughly 59.2 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 Southlake. The price-to-rent ratio in Texas is about 15.5.
| Metric | Southlake | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,568,013 | $248,418 | $242,182 |
| Median Household Income | $200,000 | $76,510 | $78,145 |
| Price-to-Income Ratio | 7.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Southlake rose about 890.4%, while median household income rose about 108.0% 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 | Southlake | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 89.3% | 56.5% | 58.2% |
| Rental Rate | 6.5% | 33.8% | 31.3% |
| Vacancy Rate | 4.1% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Southlake has a homeownership rate of 89.3%, higher than the Texas average of 56.5%. Its housing vacancy rate is 4.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Southlake | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.24 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1997 | 1989 | 1978 |
| Median Number of Rooms | 8.7 | 5.4 | 5.5 |
The typical housing unit in Southlake was built around 1997. On average, 3.2 people live in a home with about 8.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Southlake, Texas.
What is the median home price in Southlake, Texas?
The median home price in Southlake, Texas is $1,568,013, higher than the Texas average of $248,418.
What is the average home price in Southlake, 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 Southlake, Texas?
The median gross rent in Southlake, Texas is $2,208 per month, higher than the Texas average of $1,338.
What was the median gross rent in Southlake in 2020?
In 2020, the median gross rent in Southlake, Texas was $1,246 per month.
What is the price-to-rent ratio in Southlake, Texas?
The price-to-rent ratio in Southlake, Texas is about 59.2, meaning it would take roughly 59.2 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 Southlake.
Are home prices or rent rising faster in Southlake, Texas?
Both home prices and rent are rising in Southlake, up about 51.9% and 10.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Southlake, Texas?
89.3% of households in Southlake, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Southlake, Texas?
The housing vacancy rate in Southlake, Texas is 4.1%, lower than the Texas average of 9.6%.