As per a report on The Dallas Morning News, median home prices in Texas in November 2021 were 18% higher than the previous year. Some of the reasons for the continued rise in new houses for sale in Dallas is the –
- Above-average millennial population
- An unabated influx of fresh population
- Thriving economy
- A growing number of large companies that attract fresh professionals looking at lucrative job prospects
In this scenario, the demand for properties for sale and rental property is increasing. Home buyers, investors, and developers have a high demand for real estate. The real attraction is the temperate weather, quiet suburbs, big-city attractions, great job opportunities, and quality of life.
An Exciting Metropolitan to Be In
Dallas is one of the most happening metropolitan areas in the US, with a thriving economy and positive outlook for the future regarding job opportunities. For investors, it is the destination for liquid real estate. And, for home buyers, it is an idyllic location for settling down with their families.
Dallas-Fort Worth is the fourth-largest metro in the US. And has a 1.3 million population in the city and over 7.6 million in the suburbs. The per capita income in Dallas is US$ 36,274, and the median household income is US$ 72,265. Thus, there is as much demand for existing properties as searches for new houses for sale.
Job Opportunities Galore
Dallas is among the top job markets in the US and witnesses heavy in-migration annually. The city scores are high regarding several college degree holders, employment indicators, and healthy professional and personal growth opportunities. The median household income in Dallas has grown by 4% yearly. And the median property values have gone up by 6% in the past year. The key industries in Dallas are FMCG, IT services, Logistics, Supply Chain, Construction, and real estate. Many companies have headquarters in the city and several top-ranking universities here too. Due to this, the city has a well-planned layout and all the public amenities required in a thriving city.
The real estate market in Dallas
Dallas is among the top 10 markets in the year 2021-22, per the National Association of Realtors ranking. This is evident by the price rises of over 18% year-over-year for single-family homes as per research by Texas Real Estate Research Center (Nov. 2021). In the past year, house value in Dallas has increased by 20%, and there is dynamic demand for real estate for sale.
The low mortgage rates and high demand among in-state buyers and real estate investors are contributing to the rising real estate prices in Dallas’ popular neighborhoods. There is a high demand for rental properties, which is expected to grow in 2022. The median rent in the city as of December 2021 was US$ 2,360 per month for a 3-bedroom house. 44% of the total houses are renter-occupied in the metropolitan area.
The real estate prices are quite affordable as the cost of living is low. There is no state income or inheritance tax. Whether you are searching for real estate for sale in Dallas or have a property for sale, the market is favorable on both sides.