More than half the states have minimum or no minimum sales tax on real estate transactions, and some have higher rates, according to real estate data company Trulia.
Texas is no exception.
The median sales tax for Texas is 0.9% while the average is 1.2%, according to the Texas Office of Property Tax and Finance.
The state’s property tax base is estimated at $7.9 billion.
The median home value in Texas is $5.3 million, according for Trulia, and a typical home in the state has a value of about $8.3 in 2013, according the real estate firm.
For homes valued above $5 million, the median is $6.9 million, and homes valued below $5-million are valued at $3.7 million.
The average price of a single-family home in Texas was $5,742, according TxDOT.
The price for a four-bedroom home in Dallas was $6,834, according Trulia in 2013.
The average price for homes in the metro area was $3,749, according Data from Zillow.
The metro area is considered the “Big 5” in the U.S. The San Antonio-based real estate market has been one of the worst for price growth.
The cost of a home in this market has grown more than fourfold over the past 10 years, and home prices are at their highest level in 25 years.
According to Trulia’s data, the price of single- and two-family homes in metro areas that are considered the core of the Dallas/Fort Worth metropolitan area in 2013 were $1,878, $1.747, and $1 and $0.
The Houston area was home to the second-highest price increase, and it was at $2.637, up more than 50%.
In the Dallas-Fort Worth area, home prices rose more than 30% between 2012 and 2013, Trulia found.
According to the American Institute of Architects, Dallas has the second highest price growth of any metropolitan area.
Worth metro area has experienced the fastest increase in price growth among the cities analyzed.
In the past two years, Dallas home prices increased by over 50%.
Houston has the most expensive homes in Texas and it is the most popular city for buying realtors.
Trulia says Dallas had the largest number of transactions for a single property in 2013 with 6,073, which was more than twice as many as any other city, according.
Texas has the fourth highest median price of $539,000 for single- or two-story homes, according of Trulia data.
The number of Houston properties in the top 10 most expensive in Texas decreased by 15% from the same year in 2012, according data from Trulia which indicates the average sale price for all single- to two-bedroom homes in Houston fell from $1 million in 2012 to $1 with prices of $1-million, $2 million, $3 million and $4 million.
According Trulia CEO Brian McKeon, Dallas is a popular destination for buyers looking to buy a home.
“Dallas is a great city to live in and a great place to work, shop, and enjoy life,” McKeo said in a statement.
“The median price for single homes in Dallas increased by $1 billion in the last year and the average home value was $2 Million.
It’s also one of our most sought after metropolitan areas.”