As we look to the future of the real estate market in Dallas-Fort Worth, it’s important to understand where the market stands today. With its strong economy, robust job growth, and low cost of living, Dallas-Fort Worth is a great place to buy or sell a home. Plus, with housing starts on the rise and interest rates still near historic lows, now is an ideal time for people looking to invest in real estate within this region.
The Current Market in DFW
In 2019 alone, more than 111,000 homes were sold in DFW according to the North Texas Real Estate Information System (NTREIS). That number was up by 4% compared to 2018 and was an all-time record for home sales in this area. In addition, inventory levels remain low with only around 4 months’ worth of available homes on the market at any given time. This has resulted in higher prices due to competition between buyers wanting to get their hands on desirable properties.
Looking Forward To 2023
While no one can predict how the market will fare over the coming years with 100% accuracy, there are a few indicators that point towards a continued positive outlook for real estate in DFW over that timeframe. For starters, population growth continues unabated with more than 2 million new residents expected by 2023 according to recent census estimates. This influx of new residents will only further drive demand for housing which should help keep prices rising throughout that period. Meanwhile, new construction is also picking up with more than 3500 single family homes being built every month. This should help alleviate some pressure from inventory levels while still allowing ample opportunities for buyers and sellers alike during this period.
To sum it up then; if you’re buying or selling a home within Dallas-Fort Worth over the next four years you can expect higher prices due to competition as well as plenty of opportunity thanks to robust population growth and increased construction activity. Of course there are always certain risks involved when investing in real estate but overall it looks like DFW remains an ideal place for those looking to enter into or expand their portfolios during this period. Happy house hunting!