The headlines locally and nationally are abundant when it’s about the North Texas housing boom.
“Dallas real estate market is going wild as homes are snapped up in days.” – MarketWatch.com
“D-FW zooms to top of U.S. homebuilding markets.” – Dallasnews.com
“Median home sale price in D-FW hits all-time high: $237,500.” – Dallasnews.com
“The Hottest Market Ever! (Still!)” – DMagazine
“Never Been Hotter: A closer look at North Texas’ Housing Boom” – WFAA.com
“Hot DFW Real Estate Market Also Impacts Vacant Lots.” – NBC 5 Dallas
This is good news if you’re selling! The Dallas area ranked No 3 nationally for home price gains, trailing only Denver and San Francisco according to CoreLogic.
Zillow Group, a real estate tracking firm also reports that Dallas-area home prices will continue it’s ascent throughout the rest of 2016., increasing by 5.5 percent.
What about new construction, apartments, condos, and vacant land? They too are hot markets. There are 30,000 new homes expected to start here this year. This will make Dallas the No. 1 area in the country for single-family home construction.
What’s driving the market?
Roughly 300 people are moving to the DFW area every single day, and all of them need a place to live.
The unemployment rate in Dallas is less than 4 percent.
A hot job market. The DFW area has been adding over 100,000 jobs annually. More employers are heading to the Dallas area.
Supply and demand. Low supply drives higher demand which means higher prices. The average time homes stay on the market is 9 to 21 days.
Historically low mortgage interest rates are providing buyers with more buying power.
So now you know why they call it the North Texas Housing Boom!