Despite continuing record low interest rates, the DFW market is rumbling with news of a market slow down. Is it true? What are the factors at play? Things like "buyer fatigue" setting in, after a
October Local Market Update - Dallas, TX
Dated: November 7 2019
The Dallas-Ft. Worth real estate market is going strong; understanding the drivers in the market allows for re-calibration of the supply to its demand. Texas is still leading the nation in migration at a rate of 1,000 people per day. With so many companies relocating and calling Texas home, it may come as a surprise that most of these migrants are coming from other countries, while the lesser portion moving from other states. Of these 1,000 a day migrants, Dallas takes a share of about 300 a day. About 45% of international migrants have come from Asia, particularly China and India. Jobs are still the main attraction for domestic migration especially among the highly educated, with the majority coming from California, but also Illinois, Florida, New York and Louisiana.
Dallas is the 9th largest city in the U.S. and the 3rd largest in Texas, with a population of 1.35 million. Dallas' median age is 32.5 yrs old, with 50.44% being female and 49.56% male. According to the U.S. Census, 35.4% are married and home ownership hovers around 41.5%.
North Dallas has been a highly popular housing area, spanning North to South about the region just South of George Bush Turnpike and just South of I-635, and East to West about the region of I-35 to the North Central Expressway. Residents of this region benefit from easy access ways to business centers both to the North (Plano, Frisco, etc.) and South (Downtown Dallas for example), and can easily reach both DFW and Dallas Love Field airports for business or pleasure trips. Notable restaurants and shoppping as well as renowned entertainment venues are within easy reach from this central established location. Also notable for families with children is within-reach access to multiple ISDs and a varied selection of private and charter schools that have called the area home. Location is undoubtedly the name of the game here, only to be matched by the home's features. With a young professional population on the rise, and with a diverse cultural background, home builders are taking note of the changing face of home buyers and their needs. So should sellers of pre-owned homes.
Let's take a look at the October 2019 numbers...
When you need a guide on your real estate journey, Sherien Joyner is the right choice for you. With over sixteen years of experience as an executive in the advertising and marketing industry, Sherien ....