Dallas, the ninth most populated city and one of the most economically robust in the U.S., is consistently trending upward within the real estate market.
Dallas is among the leading employment centers across the state, as stated by NORAD stats.
Properties in Dallas are valued at 5 percent to 15 percent below overall market value with people relocating there much faster compared to other cities, as reported by Real Wealth.
As a result, Dallas is shown to be a valuable place for both the relocators and real estate investors.
Predictions for Upcoming Months
Since the beginning of 2019, Dallas has shown a remarkable increase of almost 13 percent in median home value as compared to the previous year.
The current median home value in Dallas is around $214,400, while median home prices are currently listed at $399,900.
This trend will continue in and beyond 2019, according to predictions made by Zillow. Dallas will see a surge of almost 7.4 percent in real estate market value throughout 2020.
Additionally, reports indicate that Dallas’ market will have a steady upward trend into the coming years. Dallas has a ratio of 0.2 homes foreclosed (per 10,000). This is much lower than in surrounding cities such as Carrollton, Garland, and Grand Prairie.
Given recent reports, Dallas’ real estate market is welcoming for real estate buyers and investors for this year.
A Continued Top-Ranked Employer in the Country
One of the most prominent factors that has boosted the city’s economy is the job sector, which has seen a significant increase in employment opportunities.
In 2018 alone, Dallas created up to 116,300 new jobs — a 3.23 percent annual job growth ratio, which is also significantly higher than the national average, 1.7 percent, which took place that same year.
Ultimately, Dallas has shown greater growth in the job sector than several other major cities across the U.S.
Increase in Developments
Significant employment opportunities and facilitative city dynamics are a couple of several motivators for people looking to relocate.
According to a survey given by the World Population Review, North Texas will have 1-2 million more residents by 2020.
Ultimately, this will lead to an increase in new residential and commercial developments throughout Dallas. Experts and real estate analysts indicate that 2019 will be a lucrative year to buy or invest in Dallas real estate because the return-on-investment (ROI) will be much higher. If you are interested in investing in this rapidly growing city, get in touch with a reliable realtor in the area!