By now you already know North Texas is ‘scorching hot’ when it comes to real estate and job opportunities. A ranking of America’s 20 hottest real estate markets for June 2017 was just released, based on June data collected by the folks at Realtor.com, and after a preliminary analysis, it looks like Dallas moved up a spot in the top 20, from #12 where it stood in May to #11 in June. Exciting news for our Flower Mound real estate agents! Three Texas cities are ranked in the top 20 hottest real estate markets; the other two include Waco and Midland, at #12 and #15, respectively.
Homes are being snapped up nearly as quickly as the “For Sale” sign is put up in many markets due to a reduction in inventory. In fact, Manager of Economic Research at Realtor.com, Javier Vivas, said the inventory of available homes has dropped for two years straight, and the shortage is impacting additional markets, with about 80% having fewer homes available than during this same period a year ago.
There’s a shortage of newly constructed home across the country as builders haven’t been able to find skilled workers in the construction industry, many who left during 2007’s Great Recession and never returned. With very few new homes being built and, according to Vivas, mostly ‘upper tier’ homes becoming available on the market, families in the lower- and middle-income brackets are having a tough time finding a home.
California dominates with nine of the 20 hottest markets (no surprise), with some of the markets including Vallejo, San Francisco, San Jose, Santa Rosa, and Modesto to name a few. The biggest surprise to many is Detroit, MI which moved to #6, an impressive 12 spot jump from last month.
The Dallas-Ft. Worth area, and all of North Texas, has been, and continues to be, a prime destination for families looking for solid employment opportunities; great schools; an active lifestyle; entertainment; sports; a lower cost of living than many other metro areas; safe neighborhoods; and beautiful, quality homes in every price range. Need help finding the perfect home for your family’s needs? Count on the folks at Team Nelson, experts in Dallas real estate.