No doubt you’ve heard that in the U.S. housing market prices are on the increase while inventories are low. While this is true across most of the country, a recent study conducted by Trulia found there are a few cities that are defying this trend – including Dallas.
According to the study, when it comes to the Texas building boom Dallas is the leader. This can be attributed to the fact the DFW area continues to experience job growth, wage growth and a low unemployment rate at 3.7%. Home prices in the area have risen just 0.5 percent year over year, not bad at all when you consider that over a one-year period from March 2017 to March 2018, home prices across the country rose an average of 4.6 percent.
Another contributing factor to the low increase in home prices is that the city has been successful when it comes to keeping up with demand. 47,000 residential building permits were issued in Dallas is 2017, meaning a good supply of homes are available. When inventory is good, prices don’t tend to rise dramatically – in fact sometimes they fall.
Dallas has a strong economy with big companies coming in on a regular basis, which leads to job growth and a low unemployment rate. With a median listing price of just under $357,000, it seems that Dallas remains one of the hottest housing markets in the U.S.!
Other cities in Texas where home prices remain steady include Houston, Austin and San Antonio.
If you’re in the market to buy a DFW area home but have been put off by news that home prices are on the increase, this is very good news! At Team Nelson our Dallas real estate professionals know the markets; our experience and familiarity with the various homes available throughout the DFW metro make it possible for us to quickly connect you with the homes that meet your criteria. Give us a call today!