Home prices in North Texas are approximately 5% higher this year following a few years of annual appreciation in the double-digits, and it looks like the sizzling hot sales we’ve been enjoying in the Dallas area for years is cooling somewhat. Some analysts warn the home price bubble could be about ready to burst, however research from Zillow shines a positive light on the Dallas home market, suggesting it may outperform the rest of the U.S. in 2019.
Aaron Terrazas, senior economist at Zillow, said the report names Atlanta, Dallas, Denver and Washington D.C. as the markets most likely to surpass the country’s average rate of home value appreciation, expected by panelists to be 3.8%.
Over 100 investment experts and real estate economists were surveyed by Zillow in determining which markets would perform best in terms of housing market health and home price gains. One factor that may have played a role in the four markets named is that each of these markets were on the final 20 list of candidates for Amazon’s HQ2, although the headquarters was ultimately split into two, Washington, D.C. and New York City.
A recent Realtor.com report indicated that home prices in the DFW area are forecast to increase 4.3% in 2019, however local analysts don’t anticipate home values will decline next year. Will the housing bubble burst? No one can say with certainty, but hopefully we won’t experience a burst.
The efforts made by these cities to attract Amazon’s HQ2 no doubt make these markets more desirable to other employers; as new job opportunities crop up, communities grow and the demand for affordable housing increases. At Team Nelson, our Dallas real estate professionals can help you locate the perfect home for you and your family, or sell the home you’re currently living in.