Daylights saving time has officially ended, the weather has gotten cooler, and Thanksgiving is right around the corner. It’s safe to say Winter is coming. Seems like a better time than never to talk about the DFW Housing Market. If you’ve been interested in moving or have been checking out homes, here are a few interesting facts about the DFW housing market that will further aide you in your search.
The King of Financial Capital
As of September 2017, employment in this sector expanded by 3.9 percent, more than double the national rate of 1.7 percent. Dallas also accounts for nearly 8 percent of all the financial services jobs in the southwestern region. Moody’s Analytics attributes the financial services industry’s emergence to the exceptional performance of the house market and the high-profile relocations of empowers such as State Farm, Liberty Mutual, and Toyota, among others.
In a nutshell, the metro is keeping strong with providing many residents jobs which is beneficial overall. Especially for those intending to move to the Dallas-Fort Worth metroplex to raise families. This actually looks good on attracting more people which actually seems to be the case now.
Construction is Booming
Construction in the For-Rent market is picking up steam. Since the beginning of 2006, nearly 13,000 condo units were completed; fewer than 1,000 are underway and expected through 2018. The far North Dallas housing market has also seen an increase in buying. Frisco, McKinney, and Allen are among the fastest growing Dallas-Fort Worth cities during the last decade.
With growth like that, buying and selling opportunities are quite fruitful. Almost 4,000 preowned homes were sold in these markets in the first half of 2018. Frisco has continued to see growth in building homes, managing to build more homes than Plano despite Plano’s population being larger. Between the years of 2014 – 2016, Frisco had 1,633 homes built and they continue to grow.
It’s great to see opportunities for those moving to the Dallas-Fort Worth area as a result of the Financial capital.
Job Opportunities Continue to Sky Rocket
The metro added over 67,100 jobs year over year, as of September 2017, and expanded by 2.7 percent, nearly double the national rate which is 1.4 percent. We are growing more to better handle this ever-increasing job market. The ever-increasing job market is also accommodated by the city of Frisco as they’re expected to have a 50% population growth in a decade.
Things seem to only to be getting more optimistic as the prime renter cohort (ages 20-34) is expected to expand by 9 percent through 2022. The young demographic, healthy economy, and strong job growth stands to continue to keep demand high over that time period. It’s prime opportunity for the Frisco TX real estate market as Frisco is one of the top 20 best suburbs for Millennials in the Dallas- Fort Worth Area.
Overall, The Dallas-Fort Worth metroplex is Looking Good
The Dallas-Fort Worth metroplex’s economy continues to expand. If job growth continues to grow, the metro will really benefit from strong, positive net migration trends. These trends greatly benefit the DFW housing market as the metro has one of the highest proportions of residents in the prime renter cohort, which should keep renter demand strong even as new residents come in to the area.
If you’re considering moving during this time of year, don’t go at it alone. Let the Cheney Group help. We have a commitment to our clients and fulfilling their real estate needs. Contact us today.