According to Irvine, California-based Ten-X Research, an online firm that tracks the U.S. real estate market, Dallas and Ft. Worth rank as two of the most popular housing markets in the country right now, with Fort Worth sitting in the #3 spot and Dallas in the #4 spot as “hot” housing markets. Good news for real estate agents and builders!
Rick Sharga, CMO at Ten-X Research, said a strong single-family market based on current and future expectations are factors that make these two cities among the “hottest” in the U.S. Sharga said that, although prices have risen substantially, the affordability levels remain healthy because of the area’s strong economic fundamentals and job markets. These factors indicate these North Texas markets are moving away from that “boom or bust” cycle, according to Sharga.
Nashville and Orlando are the only two markets ranking above Dallas and Fort Worth, with another Texas city, San Antonio, sitting in the #5 spot.
The study found that home prices in the Dallas-Ft. Worth area are at an all-time high, 43% above peak prices prior to the recession. Year-over-year, in the second quarter, there was a 3.4% home sales growth in Fort Worth while prices increased to a cyclical high of 11.7%. Dallas saw a 3.6% annual home sales growth with home prices increasing 9.2%, according to Ten-X Research data. The company compiles a list of top markets based on market fundamentals, including wage and population growth, unemployment rate trends, home sales and price trends, etc., from the 50 largest housing metros in the U.S.
While home prices have increased substantially in the Dallas-Ft. Worth metro, homes are still affordable when compared to other U.S. major metros; Sharga says the outlook is promising for the single-family market in Dallas-Fort Worth and that it appears the market is setting the stage for further growth.
Once again, good news for North Texas! While it seems many markets are waiting for the housing bubble to burst, it looks like smooth sailing for our area in the future.