The Dallas housing market has recovered from pandemic blows since July of the pandemic year. Since the second half of 2020, demand for single-family houses has increased while supply has lagged. Dallas is one of the most recognizable and buzzworthy metropolitan areas in the U.S. if not the world. Fortunately, despite its growing popularity and rapid expansion, Dallas remains a market with plenty of room for growth. According to the Texas REALTORS® 2021 Texas Real Estate Year in Review report, the volume of Texas house sales and the median price achieved all-time highs for the seventh consecutive year.
We observed numerous multiple-offer situations, including homes that received dozens of offers and sold for substantially more than the asking price, as housing demand reached an all-time high. The number of homes sold statewide increased by 6.2 percent to 416,853 units in 2021. The median home price increased by 15.7 percent from the previous year to $300,000. The $150 median price per square foot represents a 16.9% rise from 2020 and a 35.6 percent increase from 2017. Homes stayed on the market for an average of 34 days, which is 21 days shorter than in 2020. These numbers are indicating the high demand for homes but a lower supply, meaning Dallas is a hot hub for investors to put their money.
Here are a few strong reasons why Dallas could be an excellent location for your next rental.
The Population growth
Dallas-Fort Worth continues to grow in population, and it is currently the country’s fourth-largest metro region, up from the sixth position in 2010. In fact, along with Houston and NYC, DFW was one of only three metros to increase at least 1.2 million residents since 2010.
While many other regions of the country are still recovering, Dallas remains a job centre. DFW is, in reality, the nation’s top job market, thanks to strong job growth and in-migration. According to The Dallas Morning News, top leading labour indices such as net migration, college degree holders, and employment gains and growth rank Dallas high.
The Real Estate Market
The National Association of Realtors (NAR) has named Dallas as one of the top ten markets to watch in a post-pandemic world in 2021-2022. It’s easy to see why when you look at recent housing figures. According to the Texas Real Estate Research Center’s most current report (November 2021), single-family house prices climbed by almost 18% year over year, while months inventory decreased from 1.3 to 1.0 months.
Desirable Market for Renters’
Most Dallas communities are seeing growing home prices, making it one of North Texas’ hottest housing markets. Low mortgage rates and a frenzied demand from in-state purchasers and out-of-state real estate investors, according to the Dallas News, have pushed property prices up by 50% in some of Dallas’ most popular neighborhoods. Demand for rental property in Dallas could continue strong in 2022, thanks to high home prices, a growing population, and a healthy employment market, to name a few factors.
Dallas real estate prices are still surprisingly low, the job economy is strong, the cost of living is reasonable, and the city has a vibrant cultural scene. When you consider that TX has no state income or inheritance taxes, it’s simple to see why so many people and businesses are relocating to Dallas.
Dallas’ Strong Economy
Investing in Dallas real estate is the best move for investors because the city’s economy is so broad that it caters to people of all economic levels. Every day, an estimated 340 people relocate to Dallas-Fort Worth. Renting is more inexpensive than buying in Dallas, which has the lowest homeownership rate in the country.
Dallas is a major employment centre. New jobs have fueled a land rush in North Texas, making it one of the fastest-growing regions in the country. In 2018, 102,500 new jobs were generated, and approximately 130,000 people relocated to the city. The city is a prominent financial hub in the South of the United States, and it is home to a huge number of company headquarters.
The aerospace, computer chips, telecommunications, transportation, energy, and healthcare sectors, as well as Finance and Business Services, make up Dallas’ local economy. All of these industries pay well, resulting in a robust market for Dallas investment properties.
Furthermore, 15 large IT businesses have relocated to Dallas, Texas since 2014, delivering innovation and job growth in the industrial and professional sectors. These elements all contribute to the Dallas real estate market’s explosive rise. In Dallas, Texas, tourism is on the rise, resulting throughout job growth in the city’s cities and neighborhoods.
With a strong and vibrant economy, growing population and affordable cost of living, Dallas is experiencing an increase in demand for housing. As a result, property values have been steadily increasing. As a result, buying real estate in Dallas is one of the best investments you can make this year. For more information contact us: www.saharaequity.com