The Dallas – Fort Worth Metroplex has one of the hottest housing markets in the country. Homes are being snapped up in days, and home prices continue to rise. In a recent seven-day span, 2,506 listings came onto the market in the DFW metroplex, and 2,305 listings sold.
What’s contributing to this hot market?
Texas is responsible for 1,200 new people moving here every day. Half of those people are moving to the Dallas – Fort Worth metroplex. There are 25,000 single-family homes being built in Dallas County and many more being built north of Dallas where new developments are happening all the way to Oklahoma.
In addition to single-family homes, Dallas has thousands of high-rise apartments on the drawing board. Apartment builders are also purchasing every available piece of land as many see Dallas as the mecca for business and jobs.
Along with the changing demographics in the Dallas – Fort Worth metroplex, thousands of new residents are moving to the area due in part to the robust job market and diversity in the job force. Many economists predict Dallas as one of the top areas for continued growth in both population and jobs for many years to come.
There is no doubt in this seller’s market interest rates are helping feed the buying frenzy. Sellers are getting much higher prices than they could have even imagined a year ago, and buyers have become accustomed to more buying power due to low mortgage interest rates. This will change and when it does it will impact not only interest rates but more than likely be a catalyst that changes the market from a seller’s to a buyer’s market.
Nationally, the market is not nearly as robust as the Dallas – Fort Worth metroplex. However, there is cautious optimism. Home prices remain steady, economic growth is so-so, job growth is showing gains, and inflation, for the time being, is tepid.
Of course, that could all change.
For now, we still have historic low-interest rates.