The Dallas/Fort Worth metroplex real estate market has been experiencing a surge of activity recently, with consumers showing increased interest in purchasing property. What is shaping how people buy properties? Strong demand, new construction projects, affordable mortgage rates and economic growth are driving buyers to DFW.
The lower interest rates (compared to previous decades) have significantly impacted the real estate market, particularly by encouraging a surge of first-time home buyers and getting some buyers off the fence who previously thought there was plenty of time to buy at historically low interest rates. These favorable borrowing conditions have alleviated some of the financial burden associated with homeownership.
Potential buyers are now finding it affordable to enter the market and secure a mortgage. Renters are recognizing that they often pay more per month in rent than if they purchased a property. As a result, the real estate market has witnessed a notable influx of buyers, injecting renewed energy and activity into the housing sector and resulting in multiple offers in certain price ranges and areas of the DFW market.
Not only are buyers entering the market, but also homeowners are seeing impressive financial gains from their properties. DFW sellers make up to $217,000 from their houses alone, according to The Dallas Morning News. North Texans have made 27% more than the same income group nationally, with low-income homeowners making an average of $140,000, middle-income homeowners making $167,560 and high-income homeowners making $216,850, according to the National Association of REALTORS®.
Many homebuyers actively seek new construction properties that comprise a large portion of the current housing inventory. A distinctive sign of the strong real estate market in DFW is the number of construction projects underway. According to The Dallas Morning News, the region beats Houston and Austin as the top metroplex for home construction.
Dallas/Fort Worth’s real estate market is also driven by the strong economic growth fueled by population and job growth. The U.S. Census Bureau reports that Dallas County has regained nearly 13,000 people in 2022, which is the fastest gain since 2017. According to The Dallas Morning News, DFW led the way nationally among large metro areas by adding more jobs than 46 states. As more people move to the area for work, the demand for housing continues to rise.
The current consumer real estate trends in the Dallas/Fort Worth metroplex are excitingly shaping the region. As we look toward the future, it’s clear that the Dallas/Fort Worth real estate market will continue to be a driving force in the region’s growth and development. There’s no better time to be a part of this thriving community. Are you ready to master the market? Contact CENTURY 21 Judge Fite Company today to learn how you can benefit from the current real estate trends.
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