It's no secret that the housing market in Dallas, TX, is booming. Dallas real estate has been on the rise for years now and shows no signs of slowing down. The demand for homes in Dallas is so high, and prices have reached record levels. This means it has never been more important to be informed of the housing deals available in Dallas. Here are some quick updates on what's happening in the Dallas housing market:
Quick Facts
- The average home sale in Dallas in 2017 was $245,000.
- Dallas is a hot spot for millennial home sales. In 2017, a full 25% of home sales were too young people.
- Dallas has a housing shortage. There is a shortage of 2,500 new homes available for purchase in Dallas.
- Dallas ranks third in the nation for new construction starts. Regardless of the housing shortage, Dallas has been on a streak of new construction starts.
- Dallas ranks third in the nation for a total number of new building permits issued. In 2017, Dallas issued an astounding 3,081 new building permits.
Dallas, TX in a Nutshell
Dallas, Texas, is a city that is on the rise. It's become a hub for business and culture, and its population is growing. As a result, Dallas real estate has appreciated and is on an upward trajectory. This city is booming, and it's becoming more and more expensive to live in there.
Economy
The economy is largely responsible for the rise in housing prices and demand for homes in Dallas. With Dallas' economy growing and unemployment rates dropping. People and businesses are flocking to Dallas. So it's no surprise that housing prices are increasing.
This is because people are moving to Dallas to take advantage of the many opportunities available in the city. This, coupled with an increase in high-paying jobs, has created a high demand for housing.
Employment
Dallas, TX residents, continue to enjoy a high rate of employment. The unemployment rate in Dallas is 4.9 percent and has been steadily decreasing in recent years. At the same time, it is important to note that there has been a slight increase in the unemployment rate since 2018.
Dallas is still considered one of the most desirable job markets in the state, and people continue to flock to the city. This means that more people are looking for homes in Dallas. As a result, housing prices will continue to rise because demand is high and supply is low.
Real Estate in Dallas, TX
Dallas's population has grown by more than 5 percent in the last five years and shows no signs of slowing down. This population boom and the accompanying demand for housing have put a strain on the city's housing market. It leads to record-breaking prices for homes in Dallas.
One of the most popular home building trends in Dallas is the construction of luxury villas. Many people are looking to villas as an alternative to homes. They offer more space and better amenities than traditional homes.
Real Estate Trends
Over the last year, prices have reached new heights. Condos are selling for more than $1 million. Dallas real estate has been on the rise for years now and shows no signs of slowing down.
The demand for homes in Dallas is so high; prices have reached new records. This means it has never been more important to be informed of the housing deals available.
Final Thoughts
Dallas is a booming city with a demand for housing that is unmatched. It's important to stay informed of what's happening in the Dallas housing market because it can affect your purchasing decision.
As the market changes, you want to make sure you're ready to take advantage of the best deal. If you have any questions or comments, please get in touch with us.
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