Looking into moving or investing in the Dallas-Fort Worth area? You’re in luck.
This area is alive and thriving. After a dip during the pandemic-induced recession, things are looking great for the North Texas real estate market.
Here are three market trends you need to be aware of before making your move.
1. It’s a Seller’s Market
For those looking for a time to buy, now is it. “Huh?” You may ask.
That’s right. It’s a hot seller’s market that’s only getting hotter. Come summer, this market is going to be sizzling!
But that doesn’t mean things aren’t already on the rise. In November of 2020, the median price of a home was up 6.3% over the prior year, at $420K.
There are a lot of reasons for this, most notably the low interest rates. While fears were high that the upcoming administration changes would alter the low rates, so far things seem steady.
The Federal Reserve seems keen on keeping these rates low, so long as the economy is dwindled due to COVID-19.
2. North Texas Real Estate Trends Upwards
Median home sales prices increased by 17%, and the total active listings decreased by nearly a third compared to where the market was the year prior.
Current forecasts estimate that over the course of 2021, the value of homes will continue to skyrocket with an expectation of 7.1%. Dallas County forecasts are slightly higher, at 7.3%.
What this means is that homes are still being bought at a higher rate and are expected to only increase in price.
What About Commercial Property?
There’s a fair amount of speculation on where commercial properties will land. Will employers move back into office spaces? Can people still work at home full-time?
While the future is murky on corporate policies, it does seem likely that once vaccinations roll-out to the masses, office vacancy will begin to dwindle. Expect larger companies to continue to pay top dollar for a premium location.
Where there may be hindrances are the smaller companies that have found it easy to manage their teams online. As a result, non-class A spaces may need to make changes to their layout or systems to compete.
3. The Hottest Markets
Dallas-Fort Worth is projected to be the 6th hottest market in the nation.
As of late in 2020, smaller municipalities like Mesquite, Lancaster, and Duncanville are experiencing major growth. All are performing over 10% better than last year, with South Oak Cliff’s sale pricing spiking 18%.
The median home price for these markets lingers around $150K. A fair estimation is that there’s a broadening generation moving into homes due to the pandemic.
Of course, this data is growing older by the minute. Are you looking for active coverage of what’s on the market immediately?
The NTREIS (North Texas Real Estate Information Systems) MLS search can help. Currently, over 40,000 subscribers are getting clued into what’s going on across all of the Dallas-Fort Worth Metropolitan Area.
Stop Me if You’ve Heard This Before
Location, location location. The market indications seem crystal clear: North Texas is where people want to be.
While the future is unclear about so many things, investing in North Texas real estate doesn’t seem so murky.
If you live in the area, love real estate, or want to learn more about finance and investment, check out some of our other blog posts.