When it comes to housing markets, DFW had a strong year in 2017, and is expected to be a leading major market in 2018, according to Realtor.com. While no one has a crystal ball that can foretell the future, there are countless reasons to believe Dallas Ft Worth will continue to attract homeowners, although those that currently live in North Texas are hesitant to sell, given rising prices due to demand. Builders are having a tough time keeping up as well!
Why is DFW predicted to be one of the top hottest housing markets in 2018? Here are a few of the reasons:
Large companies are infiltrating North Texas. Whether relocating their headquarters, opening new branches in the region, or expanding, some of the most well-known companies and corporations in the world are coming to Dallas. Examples include Toyota, State Farm, Liberty Mutual, and even a new data center for Facebook.
Millennials are predicted to be in the top percentage of home buyers. While job opportunities attract people of all ages, it is expected millennials will make up about 40% of new home mortgages.
More homes will become available, as the home supply is expected to increase, which results in a rise in home sales; this trend is anticipated to continue throughout 2018 and 2019.
The DFW metro area is predicted to enjoy about a 6% sales growth, and, while the median price of a home is about $340,000 in the suburbs, or half a million in the city limits (existing homes), home prices are declining a bit for various reasons, including the fact that some were overpriced. Newly constructed homes range anywhere from $700,000 to about $2 million, for those in upscale or premier communities.
DFW is currently second on the list of the top 10 U.S. housing markets for 2018, a spot we’re certainly proud of! With lower taxes, exceptional schools, outstanding job opportunities, a diverse culture, and quick access to the airport, among countless other advantages, it’s really no surprise our region remains scorching hot! Whether you’re in the market to sell or buy a home, count on the Dallas-Ft. Worth real estate professionals at Team Nelson for guidance, and the help you can get, only from highly experienced and knowledgeable agents.