It’s no secret the DFW housing market is booming, and it does not seem to be slowing down anytime soon. There are many reasons for this but whether you are a homeowner, buyer, or renter the growth of DFW might benefit you in more ways than one. First, let’s take a look at the reason behind the growth of the DFW housing market.
Why the DFW housing market is booming
- Businesses moving: DFW was nationally recognized as the #1 spot for new jobs In 2019. A handful of notable companies have moved to Texas and more specifically the Dallas/Ft Worth area. With more businesses in the area, the better the job market. The relocating and expanding businesses created 127,600 jobs in one year.
- Job Market: How does the job market affect the DFW housing market? Well, in simple terms the more opportunities the more likely people are to move here to make a living. Since 2016, the population has increased by 7.5% and the job market is a big reason for such growth.
- Employees moving with businesses: Not to mention, when big companies move to DFW, so do their employees. One company moving here might not make a drastic impact on the overall population, but if multiple companies make the move within only a couple of years then the population volume will see a difference.
- Cost of living: Dallas is known for its affordable housing, and that is an asset that attracts residents from all over the country. However, a thriving market like DFW may be soon changing.
Home values are up by almost 20%
Not only has the DFW housing market increased by almost 20% but it will continue to do so in the coming years. The latest forecast predicts that they will rise 6.1% over the next 12 months. This is the kind of news every homeowner wants to hear, especially if they own an investment property. However a common misconception that homeowners have is thinking their home can be placed on the market, and buyers will want to immediately request a showing or want to place an offer. That’s simply not the case. Working with a realtor who has strong knowledge and markets the property successfully is the best way to reach your real estate goals as a seller.
DFW is Facing Low inventory
The DFW housing market has seen exceptionally low inventory in the past few months and it seems to be staying in that direction. This is good news for sellers as it means lower competition for buyer attention, especially in off-season markets. And since there is less inventory, there are better offers on the table. Here are some recent statistics to look over.
- Total active listings dropped by 28.5% to 4,946.
- The total days on market equaled 72 — 8 days less than October 2019.
- Months of inventory = 2.3
All in all, with a trustworthy agent and proper marketing, a seller can expect to see quality offers come in.
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