The Dallas Fort Worth real estate market is poised for exceptional long-term performance, construction is underway on a Metroplex business park, and housing affordability is on the rise – but not in DFW, all in this week’s roundup of real estate news.
DFW Among Top 10 Markets Expected To Perform Well In Near Future
Dallas-Fort Worth-Arlington is among 10 markets that the National Association of Realtors expects will perform well over the next three to five years, NAR officials announced at a recent conference.
“Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR Chief Economist Lawrence Yun. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”
Strong job growth and payroll employment are two of the major factors driving up Dallas’ performance rate. Additionally, movers flock to these markets at a higher rate.
“One quarter of recent movers are homeowners, with the rest renting,” states the summary issued by NAR. “Over half of recent movers who are renters can afford to buy a typical local home.”
The median value of Dallas homes purchased by recent movers is $289,700.
Other cities in the top 10 markets include:
- Charleston, S.C.
- Charlotte, N.C.
- Colorado Springs, Colo.
- Columbus, Ohio
- Fort Collins, Colo.
- Las Vegas
- Ogden, Utah
- Raleigh-Durham-Chapel Hill, N.C.
- Tampa-St. Petersburg, Fla.
Source: National Association of Realtors
Construction Begins On Dallas Business Park
A 100-acre industrial development is planned for Altamoore Drive south of Interstate 20, and Trammell Crow has begun construction.
Phase One is slated to include three cross-dock buildings and more than 615,000 square feet of warehouse and distribution space, according to a report in Texas A&M’s Real Estate Center’s newsletter.
CBRE Global Investors is a partner, and FCL Builders is the general contractor.
Source: Texas A&M University Real Estate Center
Housing Affordability On The Rise – But Not In Dallas
Finding a home that isn’t way beyond your means is almost unheard of these days.
While Dallas continues to stun with elegant homes and million-dollar listings, it’s not among the top 10 cities making progress toward becoming a hub for homes that don’t break the bank. In fact, no Texas cities made the list, and El Paso even was identified as a metro area where it’s become less affordable to buy a home.
Clare Trapasso broke down the data for realtor.com and found these cities to be among the most affordable metros:
- Allentown, Pa. with a median list price of $224,950 and 59 percent of homes available at the median income
- Des Moines, Iowa, with a median list price of $262,350 and 56 percent of homes available at the median income
- Atlanta, with a median list price of $321,100 and 41 percent of homes available at the median income
- Minneapolis, with a median list price of $339,950 and 46 percent of homes available at the median income
- San Francisco, with a median list price of $940,000 and 18 percent of homes available at the median income
- Omaha, Neb., with a median list price of $279,300 and 41 percent of homes available at the median income
- Charlotte, N.C., with a median list price of $335,300 and 32 percent of homes available at the median income
- Jackson, Miss., with a median list price of $251,550 and 42 percent of homes available at the median income
- Spokane, Wash., with a median list price of $349,750 and 23 percent of homes available at the median income
- Las Vegas, with a median list price of $320,000 and 25 percent of homes available at the median income
“Mortgage rates are much lower than they were, and incomes have actually grown this year for most Americans,” said George Ratiu, realtor.com’s senior economist. “Those two things combined have led to an improvement in affordability for home buyers.”
Source: realtor.com
