An interesting article from Market Watch helped put in perspective just how red hot the DFW real estate market is right now. As mentioned in the piece, out of 2,506 recently listed properties to hit the market in the Dallas-Ft. Worth metro area, 2,305 of those listings were sold in a 7-day span. To put those numbers in a way that sounds even more jaw dropping, roughly 92% of DFW homes to hit the open market are being sold in a week or less.
The uncommon trend of homes that are priced somewhere under $2 million being sold almost immediately is just the latest sign of how much housing is in demand all throughout North Texas, and especially around many parts of Dallas. Recently gathered statistics are showing that 1,200 people are moving to Texas every single day, with nearly half of those people making their way to somewhere within the DFW region.
Although job growth continues to fuel the DFW housing market, new home sales nationally also saw a dramatic increase back in April, hitting record setting paces that are directly linked to historically low mortgage rates and job gains all throughout the country.
With little room left in the north Dallas suburbs to expand, many Dallas neighborhoods are also starting to see a whole lot more development that involves building up rather than out. Apartment and condominium mid-rises and high-rises in neighborhoods like downtown, Uptown, Oak Lawn, and M Streets are starting to become the norm, not to mention it’s what many of today’s home buyers and renters want. Walkability, convenience, and sustainability have become more of a priority to anybody looking for housing, especially young or first-time home buyers who already work in the city.
With such a sharp and steady increase in pricing, it’s hard to believe current home prices will be sustainable over the long-term, but with inventory still very low and more and more people continuing to move to DFW, market conditions don’t appear to be hitting a wall anytime soon.
Posted by Kenneth G. Cox on
Leave A Comment