Zillow recently released a housing market overview, highlighting Dallas as one of the hottest markets in the nation. As we discussed previously, home inventory remains at an all-time low in Dallas and throughout North Texas. Given the information published by Zillow, this should come as no surprise. Home values throughout the United States continue to grow steadily, surpassing pre-recession highs in numerous markets. There are many reasons for this, including the largely limited inventory and high demand.
Zillow reports that markets in the Pacific Northwest, Texas, Florida, and parts of the Southwest are out-performing those within the Midwest and Mid-Atlantic. It should come as no surprise that Texas is listed as one of the fastest-growing markets in the nation. Not only is the economy very strong right now, but new construction projects in Frisco and the rest of North Texas are making the area more appealing than ever before. While home value growth is largely expected to slow in the fourth quarter of 2018, appreciation in Dallas will continue. According to Zillow researchers, the Dallas housing market is the 4th fastest growing market in the nation, behind only Seattle, WA, Riverside, CA, and Tampa, FL.
Dallas Housing Market Remains Competitive
Thanks to a pro-business community, growing population, and the number of headquarters making their home in Dallas, the housing market remains competitive in Dallas. There are also talks of Amazon potentially adding a headquarter in the area, which would bring even more people to the surrounding neighborhoods. With such excellent school systems and an abundance of restaurants, shops, and opportunities for outdoor reaction, it is no wonder Dallas ranks so high.
Over the last several years, North Texas has become one of the strongest markets in the United States. However, it is also important to recognize the problems such fierce competition may cause, such as low inventory and high price tags. According to the U.S. Census Bureau, the recent population boom brought approximately 100,000 newcomers to the Dallas-Fort Worth area over the last few years. We also added 100,400 last year, both of which have played a role in the increased demand for housing. Unfortunately, builders are struggling to keep up and meet the growing demands of the population.
In addition to home prices rising, rent prices have also increased. Dallas is just above the national average as far as rental appreciation (2.1 %). Given these numbers and the trends we’ve mentioned, it is imperative you work with an experienced Dallas real estate team when thinking about buying a home in the area. To learn more about the housing options we have in Frisco and the surrounding communities, please give The Cheney Group a call today. We understand how frustrating it can be to search for the home of your dreams in such a competitive market, but our Dallas Realtors are up for the challenge and here to help!