With 2017 being such a strong year for the DFW housing market, many are starting to wonder what 2018 will bring as we inch closer to the new year. Of course many different factors can potentially impact which direction the market take, but according to realtor.com's latest projections, North Texas is in for another red hot 12 months.
Although just a prediction, the report has the DFW area seeing about a 6% increase in home sales compared to 2017, and around a 5.57% jump in median home prices. For added perspective, that’s twice the national growth rate for both sales and prices, according to the same report.
While many major markets across the county struggled with inventory, rising home supply next year should enable home sales to keep growing, not only in 2018 but also in 2019 and beyond.
It’s also expected that 2018 will see an increase in millennial home buyers as well, who are projected to account for over 40% of new mortgages. But even with inventory growth and increased millennial activity, one of the biggest unknowns facing 2018’s housing market is the new federal tax code overhaul, which is expected to reduce incentives for home ownership and potentially raise taxes for some home buyers.