The Dallas-Fort Worth housing market is sizzling, landing a spot on Zillow.com’s list of hottest real estate markets in the country in 2019. The Dallas-Fort Worth metroplex is ranked No. 7 and is the only major Texas metro area included in the list.
The leading online real estate marketplace used different data sets to calculate a “hotness” score for the 50 largest US metros. To form the score, Zillow scaled several variables, including:
- Income and population growth from the Census Bureau’s American Community Survey (2016 and 2017)
- Zillow Home Value and Rent Forecast
- Current unemployment rates from the Bureau of Labor Statistics
- Current number of job openings from Glassdoor.com’s data
Transitioning to a more affordable real estate market
According to Zillow senior economist Aaron Terrazas, Dallas-Fort Worth’s No. 7 ranking is a good indication of the housing market’s transition away from most West Coast markets to more affordable markets in the South and Southeast.
“Affordability is attractive — for both young professionals and booming businesses — earning markets like Orlando, Minneapolis, Dallas and Nashville top billing in 2019,” said Terrazas in a press release last January.
Of the ten metros in the list, there were only three with median home values lower than those from Dallas-Fort Worth in November 2018. Terrazas and other economists at Zillow are predicting an 8.4% increase in Dallas-Fort Worth’ median value in 2019.
A steady price growth throughout 2019
At the start of the year, the median home value in Dallas was about $201,000 (the median value for the greater Dallas-Fort Worth metro area was slightly higher). According to data from Zillow, this value reflects an increase of more than 13% compared to the previous year.
Predictions from a number of housing analysts indicate a consistent growth of home prices throughout 2019. In addition, many experts expect the Dallas real estate market to outperform other markets across the nation in terms of annual home value appreciation.
Taking the current rate of appreciation into account, seeing Dallas’ median house price increase from around 7% to 10% in 2019 can be expected.
Another trend to keep a close eye on is inventory, which could prove to be a key factor in 2019 for the Dallas area housing market. Home buyers throughout the metro area can have more real estate options to choose from this year.
Towards the end of 2018, the Dallas real estate market held a four-month supply of houses for sale. This meant a higher level of inventory compared to the national average during that particular timeframe.
The increase of Dallas’ housing inventory during the latter part of 2018 means that buyers entering the market this year will have more available housing options to choose from when looking for a home.
Looking for the perfect home in Dallas and its surrounding areas? Get in touch with The Wanda Charles Group today at 317.674.6949. You can also send an email to wandacharles(at)ebby(dotted)com or leave a message here.