Dallas Is One of The Hottest Real Estate Markets In The Country Right Now!
The Dallas real estate market is one of the hottest in the country in 2021. Home sales are brisk, resulting in increased prices and bidding battles. Homes for sale in Dallas, Texas, sell in 38 days on average, with at least two offers. There have been 2234 new sale listings, according to the statistics. These figures are slightly higher than the overall number of for-sale listings in January, which totaled 2,273. This indicates that the present housing supply is improving.
The average property price in the Dallas Fort Worth metro area was $456,459 in January and was $467,388 in February, according to data. That's a 2.4 percent increase in pricing. With a median house price of $365,000, North Dallas real estate prices are on the higher end. South East Dallas and Five Mile Creek are examples of areas where real estate is comparatively inexpensive and strategically positioned to offer investors the best return on Texas houses for sale. While the Dallas housing market offers lucrative investment opportunities, you must act quickly. Homes spent an average of 90 days on the market in a balanced market.
Housing Supply is Scarce in Lower-Cost Markets.
Due to insufficient inventory, properties in the lower end of the market, between $200,000 and $299,000 are seeing the most price increases. Residences in Five Mile Creek, Cedar Crest, South East Dallas, and the Dells District have the smallest inventory of available homes. Buyers and investors may be forced to compete in these marketplaces through bidding wars, as projected. North East Dallas, Oak Lawn, and the Arts District, for example, have the most inventory of any Dallas area.
Consider These Points If You're Thinking About Purchasing a Home in Dallas
Dallas is considered the 6th hottest housing market in the US in 2021. The median home price in Dallas is predicted to increase by approximately 16%. In 2020, the population of Dallas increased by approximately 2% and the population is likely to continue to rise with a predicted population rise of over 18 percent by 2029. There are 42 Fortune 1000 firms in Dallas, with the majority of them based in Irving, North West Dallas. In the previous five years, Dallas has seen one of the most significant increases in home values. In the last five years, home values have increased by 53%, and prices are continuing to rise. Due to a scarcity of housing, bidding wars and higher prices have erupted.
The velocity at which prices have soared in the Dallas real estate market has prompted some analysts to expect a crash. However, as home development picks up, rising prices are expected to level down by the end of 2021.
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If you're looking to buy a property in the South Dallas Metro Area or have any real estate questions, contact Zahe'Erah Barrett from Euphoria Realty today.