Closing Out The Best Year in DFW Real Estate...Maybe Ever

Posted by Kenneth G. Cox on Monday, December 28th, 2015 at 3:58pm

DFW Real Estate in 2015

It seems the recession that started all the way back in 2009 is well behind us at this point and there’s no greater way to support that claim than to take a look back at what’s happened in DFW in 2015. Right around five or six years ago, real estate projects were being put on hold or even scrapped altogether, jobs were still being lost, and home values were at or near rock bottom. But as we approach the end of one of the best years the North Texas real estate market has ever seen, here’s a quick look back at a few key points that made this year so robust:

By the time 2015 comes to a close, nearly 9 million square feet of commercial office space will be under construction in the North Texas region, or about 40% more than what we saw at the close of 2007.

Apartment development has also shot through the roof in DFW in order to accommodate a growing population and of course all those Millennials who still aren’t ready to make the transition to home ownership. In all, about 38,000 new units are in the works, making it the largest building boom in apartment construction since the 1980s.

Pre-owned home sales set a new record in North Texas this year, with over 90,000 single-family homes sold by local agents. That’s a BIG number.

New construction is also up in the area, as home builder have started about 28,000 homes. That’s the highest number of home starts in roughly 8 years.

Median home prices are at an all-time high as well, reaching more than $200,000 in DFW. Although this could make it harder for first-time home buyers in the area to finally buy in 2016, it’s still great to see home values rising.

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