Despite the pandemic, real estate insiders predict that the Dallas-Fort Worth (DFW) area will be one of the hottest housing markets in 2021. Here’s why.
Dallas real estate during a pandemic
In May 2020, Dallas County residential sales fell 35% while median sales price decreased 4% from May 2019. However, the market bounced back fairly quickly, with home sales increasing 20% year over year (YoY) from July onwards.
Fast-forward to 2021 and the housing market is performing well. In the DFW area, single-family home starts increased more than 30% in 2020 – the highest construction volume in a decade.
At the end of February, the dwindling number of active listings put Dallas’ months of inventory (MOI) at a record low of 1.3 months, according to recent data from MetroTex.
Home prices across North Texas have also seen significant gains with growing demand for housing. Dallas real estate is following this trend with median home prices in the DFW area rising to all-time highs of $300,000 and higher.
Dallas as an in-demand housing market
DFW is expected to outperform the national housing market by a substantial margin this year when it comes to home-value growth average, according to the Q4 2020 Zillow Home Price Expectations Survey, which includes responses from economists, real estate professionals, and investment strategists
DFW was ranked 6th in the nation, with 54% of respondents predicting that the area will outperform the national home-value-growth average.
A separate Realtor report also predicted that the DFW housing market will see double-digit combined sales and price growth of 15.7% this year compared to 2020, putting DFW squarely at No. 22 in Realtor.com’s list of top 100 major metro areas.
In the long term, the housing market is expected to remain strong and skewed to sellers due to the aforementioned imbalance in demand and supply.
- For sellers, this is a great time to sell in Dallas. Serious buyers are looking and sellers will not be competing with as many homeowners, since many sellers pulled their homes from the market during the pandemic.
- For buyers, mortgage rates in the U.S. remain favorable. If you qualify for a mortgage, favorable mortgage rates can help offset rising median home prices and boost your purchasing power. Buyers should act quickly to secure their desired properties, which can otherwise be taken by seasoned investors.
Finding your dream home in Dallas
Despite dwindling inventory, local Realtors are scrambling for supply solutions to help buyers find homes that meet their requirements. Dallas is currently a seller’s market, which means that serious buyers should come prepared in order to secure the property of their choice. Working with a Realtor will help you anticipate any scenarios that may arise in a hot market like Dallas.
Talk to a Dallas real estate agent today
Gain access to the residential properties and the best equestrian communities in North Texas when you contact Sarah Boyd & Company here. Our company brings over 10 years of experience in equestrian properties, vacant land, and luxury homes to the negotiation table. Call 214.649.4403 or send a message to Sarah(at)SarahBoydAndCo(dotted)com for inquiries.