Dallas is a hot housing market. What does that mean when looking to buy a home?
Many people and companies alike are moving to Texas, especially Dallas and Austin. In 2019, over one million people left California; of those, 150,000 migrated to Texas. Dallas is quickly turning into one of the most attractive places to live—with booming suburbs, high residential starts, no state income taxes, etc, it’s a great city to consider when you do a cost-benefit analysis.
With DFW known to have a steady job market, many out-of-state movers have been attracted to Dallas—many are potential homebuyers or plan to be. So, what does this mean for the Dallas Real Estate market? With the federal mortgage rate remaining at record lows (about 2.8%), demand from first-time buyers is still high despite COVID-19 concerns. Up 34%, demand for new homes in North Texas in a quarter has not been so high since 2006. With this, new home closings increased as well.
Dallas millennials (ages 30-39) are the leading group in the local housing market, mostly affecting the entry-level, $350K and under market. Homes $350K and under are being built at a higher rate than other price markets, which is good news for potential homebuyers as demand has not surpassed the amount of available homes, whether you’re a native Texan or not.
With a relatively low cost of living, low interest rates, and population growth, It’s likely that DFW will remain an attractive place to live and buy a home. So, invest now and take the first step to ownership by contacting us to learn more about our process.
