The Dallas real estate market is a key influence on whether individuals want to buy or sell homes in the area. By analyzing market trends, price growth, and the Texas housing market as a whole, individuals can determine their next steps.
Instead of renters spending thousands per month on a home, new homebuyers can use resources, like Houston property managers, to find affordable homes for sale.
Let’s go over why Dallas has continued to rise in prominence year-over-year, giving big-name cities like Austin a run for their money!
Dallas Real Estate Prices
The Dallas and Fort Worth housing market is essential for all homeowners to understand when to sell their house, the difference between a seller’s and buyer’s market, and how they can refurbish their home to get the most out of their property.
Within May of 2022, the first half of the new year, the Dallas housing prices were up a whopping 20% compared to the previous year. This means that houses are more expensive and selling quicker than last year, showing how the market is a seller’s market and suitable for those who want to profit from their home.
The median home price for Dallas homes comes to $490K, which is higher than in previous years. Homes in Dallas are selling after 14 days on the market compared to 24 days on the market last year, showing how the demand is exceptionally high for buyers who want to move to this burgeoning area.
Just in May alone, there were nearly 1,300 homes sold in Dallas. Although the numbers indicate it is a seller’s market due to the demand, this number was down from approximately 1,386 homes last year.
Furthermore, the housing market is currently very competitive in Dallas. Many homes will retrieve many offers and a higher selling price than the asking price — making it ideal for those who want to make a profit on their home. The hottest homes on the market can sell for as much as 10-12% higher than the listing and asking price, plus they can sell in less than ten days on the market.
If you want to sell your house as quickly as possible, consider using cash home buyers in Fort Worth to avoid your home sitting on the market for long periods. Houston property managers will make this all the simpler for you.
Dallas Cost of Living
The Dallas Cost of living is a huge factor to consider when it comes to whether or not someone should relocate to the Fort Worth and Dallas metro area. The cost of living in Dallas can influence whether a home buyer wants to move here or choose a lower-priced area.
According to Best Places, the cost of living in Dallas, Texas, comes to 101.6. This means that the cost of living in Dallas, Texas, is more expensive than the national average of 100 in the United States. When looking at the TX average cost of living, Dallas is pretty high — but that shouldn’t deter people from moving here!
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Average House Sales Prices
In Dallas, home sale prices have changed drastically over the years. Within the past three years, from mid-2019 until mid-2022, housing prices on active listings have consistently risen to almost $500K on average.
In 2019, the housing prices were approximately $350K. At the beginning of 2020, during the pandemic, housing prices dropped to below $300K. Since then, the prices have increased from mid-2020 to where they are now at almost $500K in Dallas County.
Home buyers and home sellers need to look at the trends to see the projection for the housing market moving forward. Dallas is among one of the most affordable real estate markets for single-family homes moving forward due to the cost of living and job market.
Due to the high demand, there has been extensive construction in the Dallas-Fort Worth area, subsequently increasing the volume of properties and lowering the prices.
The Dallas Fort Worth metro area is ranked among the top 40 housing markets for the upcoming year, with sales expected to grow above 8% and the median price expected to increase by 4% for 2022.
Since 2012, the home prices have increased by over 150% — showing how desirable it is to move to this area and why home sellers are looking to revamp their homes and sell for a high profit.
Currently, the typical home value in the Dallas and Fort Worth area comes to just above $370K — showing that 50% of all houses currently on the market are priced higher than this average.
Historic Price Change and Affordability
The change in prices and affordability is good for house sellers looking to profit from selling their house or flipping a home. This is promising for Dallas home sellers who are looking to make a profit. Since 2017, when their home prices dropped to as low as $250K, house sellers are now rejoicing at higher selling prices.
For the 7th year in a row, single-family home prices in Dallas have risen, and median prices have reached new records. Plus, coupled with the housing demand reaching a new high, this leads to houses getting multiple offers, offers that are higher than asking prices, and tons of new homes as a whole and in Dallas and North Texas, specifically.
Although housing inventory has fallen due to the high demand and the numerous houses for sale, the market is currently balanced in Dallas due to the influx of supply and the ever-continuing demand. The average home price has increased from the previous year, with the median price per square foot continually increasing since the slump in 2017.
Dallas Job Market
Along With the Dallas housing market 2021, home buyers and sellers need to analyze the Dallas job market moving forward.
The Dallas Job Market, including the Fort Worth and Arlington areas in Texas, is an important factor in why people would move to Dallas or consider looking elsewhere. The U.S. Bureau of Labor Statistics reported in February of 2022 that the nonfarm employment for Dallas increased by over 275,000 spots in the past year, showing how the region had sustained job gain.
This job gain in the Dallas area was much higher than the national average, coming in at 7.4% compared to the U.S.-wide average of just 4.9%.
In the Dallas area, the professional and business services sector had the largest change over the year heading into 2022. Furthermore, the leisure and hospitality sector, trade and transportation businesses, financial businesses, education and health services sectors, and mining and logging were among the top industries that experienced significant sector growth.
Considering these changes in job availability in the Dallas area, it is no wonder that people are flocking there to buy houses and enjoy a new career. People in the hospitality industry can enjoy one of the new 60,400 jobs added within the last year, whereas those in the trade and utility industries can experience one of the 57,000 jobs added in the last year.
Considering the tens of thousands of job openings in the Dallas area, home buyers should consider moving to Daas before the prices rise even more. Compared to other large metropolitan areas, such as New York, New Jersey, and Los Angeles, Dallas is ranked second in terms of the highest year change in total employment, second only to New York.
Before home buyers move to Dallas, they should know the basics of the housing industry to see the average stats. The average annual salary in the Dallas and Fort Worth area is $56,910, up from the national average of $56,310.
The jb market index comes to 6.3 out of 10, according to U.S. News, due to the availability of jobs, high-paying jobs, and unemployment. The average unemployment rate in the previous year was 7.9%, which is lower than the national average of 8.7%.
Quality of Life in Dallas
The quality of life in Dallas is another reason that people move to this burgeoning city and beautiful state! Dallas is consistently ranked among one of the best cities to move to in the United States. According to U.S. News & World Report, Dallas was named among the 25 best places to live.
Furthermore, Dallas Culture Map stated that the Dallas and Fort Worth metro area was ranked 21st out of 25 in this nationwide competition. According to the ranking, this city has a good home value and a high quality of life compared to other metropolitan areas.
Although it ranked higher in 2018, the affordability of the suburban housing and the big-city amenities make this one of the most desirable places to live in the United States.
Conclusion
For those who are thinking of moving to Dallas, Texas, there are a few things to keep in mind before buying a house or talking to a house seller. As far as house-selling goes, owners should consider using companies that buy houses in Texas has to offer so they can make the best profit possible. Houston housing managers make your life that much easier!