According to Realtor.com, the Dallas-Fort Worth housing market is the hottest in the country, due to a high demand for housing as well as a fast sales cycle. Steve Brown, Real Estate Editor at The Dallas Morning News, reports that home sales are going through in as quickly as 29 days, which is faster than anywhere else in the country.
Other top ranked areas include California cities, Santa Rosa and San Diego, as well as Denver and Boston, due to their levels of both supply and demand. Sellers are seeing quick sales and buyers are finding desirable homes.
In the Dallas-Fort Worth area, home sale prices are up about 9% from last year and the number of homes sold are up 4% since 2014. According to Jonathan Smoke, an economist at Realtor.com, Dallas won’t be slowing down anytime soon.
Two things that will be major factors in the success and sustainability of real estate in the Dallas-Fort Worth area will be making sure that there is enough inventory available and that that inventory is affordable. Jim Gaines, an economist with the Real Estate Center at Texas A&M University, says “Homes are being built as quickly as possible, yet most are not in the price range where inventory is needed most — the entry-level market. Interest rates are still low, but tight lending standards, rising home prices and slim inventory have created a tough market for first-time homebuyers.”
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