Summer of 2013 found Dallas homes selling faster than sunscreen. In fact, home sales hit a record high in July that summer. The market for homes in the Metroplex continues to be strong, but has cooled off since last summer. Some homes in particular are still in demand.
Record-Setting Selling Prices
Average home prices are hovering just under the $200,000 range, according to a recent Dallas Morning News article. And prices may continue to rise, thanks to an influx of jobs to the area.
Thousands of jobs are coming to the Metroplex, as Midwest and West Coast companies are locating to more business-friendly Texas, according to news reports. Toyota is opening a major facility in Plano, which should also keep home sales in Collin County brisk.
Because housing prices are much higher in a lot of the country, many who move to DFW are willing to pay top dollar for Dallas homes and still feel like they got a bargain. Lower interest rates are also reportedly contributing to buyers being willing to pay more for a home.
Some Dallas homes are still getting multiple offers within hours of hitting the market. The News article said that the homes that are going fastest are those that require no repairs or updates. The other category of best-sellers is homes that need major renovation: Prices are lower on these homes, and they appeal to buyers who want to put their stamp on their new home.
Fort Worth Sales Still Strong
Strong home sales aren’t just limited to the Dallas area. CNN recently named Fort Worth as one of the top 10 hottest housing markets in the country. Houses in Forth Worth are, on average, selling for roughly $20,000 less than Dallas homes, which is attractive to potential homebuyers.
Another reason Fort Worth homes sales are up is because, like Dallas, business is moving to the area. CNN reports that Amazon, Walmart, and Motorola are all building new facilities creating a multitude of jobs in Tarrant County.
Building cost increases
Construction costs in the Metroplex have historically been low, but an increase in the cost of building supplies has added to the price tag of new home sales. The higher prices for new homes, up 86 percent in North Dallas alone, could translate into stronger existing home sales.
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Via: CWB Blue Matter