The housing demand in Dallas continues to rise despite homebuilders pulling back the scale on plans for new developments, a surefire sign that the market is unlikely to crash. However, when determining the potential direction of the Dallas real estate market, various factors, including population growth, job opportunities, economic conditions, and interest rates, come into play. If you are thinking whether it’s best for you or not to purchase a property in Dallas, it is essential to consult with Dallas TX real estate experts Piper + Mooty Real Estate Group for an accurate prediction. Read on for more insight on Dallas’ real estate in the coming years.
Although the Dallas market is known for great property and numerous opportunities for real estate investors, you may second-guess the idea of buying a residential property in this state due to the fluctuations in recent months. According to experts, the housing supply will remain low in Texas’ major cities, including Dallas. Below is a simple elaboration on housing supply and other predictions about the Dallas real estate market heading into the future.
Housing supply is expected to remain low
It is expected for a real estate market to crash when the number of supply is higher than that of potential buyers. Besides the low housing inventory in Dallas, the city remains attractive across different demographics, resulting in high demand. The result is faster selling of properties, which means the supply will remain low.
However, according to recent data, Dallas is expected to experience a significant drop in home inventory, but there are signs of recovery. As per the reports in January this year, there was a rise in housing inventory in Dallas, from 0.7 to 2.2 for only single-family homes. Additionally, compared to last year’s figures, active listings this year have gone up by 175.60%
House demand will stay strong
Inflation remains a significant money problem that impacts most family budgets, causing many people to cut back on spending to create more margins in their budget. But inflation and interest rates are yet to stop people from moving to Dallas, meaning the housing demand will stay strong. Additionally, Dallas is a popular destination for many people, including migrants, looking for a good place to live.
Redfin’s reports show that 32.5% of homes in Dallas sold above the price list – a 33.1% drop compared to last year, but the numbers remain high.
Home prices will increase
As stated above, the housing demand in Dallas is most likely to stay strong despite the inflation. Additionally, as of the most recent data, it is safe to categorize Dallas as a seller’s real estate market. This means the demand for houses is significantly higher than the available inventory. As such, the increased competition amongst buyers can result in higher selling times and reduce the duration of sellers on the market. Even as home prices continue to rise through this year and into the next, the increment rate will occur slower than in recent years.
If you are considering buying a house in Dallas, consider the Dallas real estate market trends, key statistics, and experts’ predictions to make an informed and better decision.