In some ways, it’s hard to believe there’s only about two months left of this year, but as we approach November and the upcoming holiday season, that’s exactly what we’re facing. Looking back, 2015 has been a robust year for the DFW real estate market to say the least, and after such a wild year for basically all phases of the market, many of us are already wondering what 2016 will bring.
Although the real estate market and future market conditions are tough to predict, here’s a look at three things that could every easily happen as we enter another new year:
Slower Job Growth
At first glance, this may seem like bad news, but given DFW saw some of the highest job growth in the entire country in 2015, sustaining those kinds of numbers isn’t likely. So while more jobs will surely make their way to the Dallas area in 2016, it’s unlikely we’ll see the same type of growth that we did throughout 2015.
More Affordable Housing Construction
The entire North Texas region saw record setting home prices in 2015 and with limited inventory available, prices aren’t likely to dip a whole lot. As a result, the demand for affordable housing is perhaps at an all-time high. And although the DFW area is still well below where it needs to be for single-family home starts, expect more construction in 2016, starting in the $150,000 to $250,000 price range.
Rentals Will Continue to Stay Hot
With so many new rental and apartment developments starting construction or coming to market in 2015, it isn’t likely we’ll see a dramatic slowdown with this segment of the market. And with the Millennial generation still completely comfortable with renting, there’s also still a huge demand for upscale rentals with lots of lifestyle amenities.