The first quarter of 2017 continued to build consumer belief that the Dallas residential real estate market doesn’t have any plans of slowing down. Median home prices are higher in just about every neighborhood in Dallas, and that trend extends to the rapidly expanding North Dallas cities (Plano, Richardson, and Frisco). Cities experiencing the strongest year over year increases in sales price were DeSoto at 25 percent, and Dallas/Lancaster/Park Cities each showing growth of 22 percent over the first quarter of 2016.
Available inventory for homes in the $200-450 range have been in short supply, and continue to be a tough find as the market continued to gain strength. Buyers looking for a home in the under $500k price range must be ready to act fast when a home hits the market, and be prepared to pay over asking as they compete with other buyers.
However, moderately price homes are no longer the only hot market. In the first quarter of 2017 over 200 homes were sold in the affluent Park Cities, an increase of 57 percent from 1Q 2016. In addition, almost 400 homes were sold in Dallas for over $1MM, a 70 percent jump over the same period of 2016. The luxury real estate market usually lags behind due to a smaller base of potential suitors, so this trend leads to believe growth in the DFW market is poised to continue.
There are a number of factors responsible for the strong sales numbers. Employment opportunities have been the main focus recently as a number of large corporations have moved their headquarters to North Texas. In fact, nearly 350 people move to Dallas each day. However, a less publicized explanation is the stability of interest rates. Many factors impact interest rate fluctuation, and all signs pointed to increases in 2017. From the election of a new president, to an active federal reserve, to a healthy economy, it only made fiscal sense that rates would increase. However, rates have stayed constant along with the booming residential market.
Whether you are looking to buy, sell, or lease in the DFW area, there are a number of things to consider and you want a strong advocate in your corner. For all of your real estate needs, call or text 817.475.5064.
Author:Ryan Wilson Phone: 817-475-5064 Dated: April 28th 2017 Views: 178 About Ryan: ...
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Rogers Healy and Associates Real Estate is a DFW based residential and commercial real estate company that was founded in 2007 by Rogers Healy. RHAdfw is passionate about developing long lasting relationships with clients while representing them to buy, sell or lease any home in DFW.