The Dallas/Fort Worth (DFW) residential real estate market continued its stable growth in April. Demand for housing continues to increase and push pricing higher across the market. The pace of sales in moderate and luxury priced housing continues to lead the way. Overall, the residential market continues to demonstrate healthy and sustainable growth.
According to the Monthly MSA Spotlight Housing Report released by The Real Estate Center May 22, 2017
- April 2017 had a total of 8,526 sales vs 8,543 in April 2016, a slight decrease of 0.2% year over year.
- The median home price in April 2017 was $255,500 vs $227,000 in April 2016, an increase of 12.56%, while the median price per square foot also rose from $108 to $120. The average price climbed 8.97% year over year from $283,451 to $308,884. The average price per square foot subsequently rose from $117 to $130.
- "We are teetering right there at the same pace we had last year, which was a record year in real estate," said Jim Gaines, an economist with The Real Estate Center at Texas A&M University.
- Gaines also said he expects home prices to continue to rise this year as North Texas has a limited inventory of homes on the market. "Without enough inventory relative to demand, it will force prices to continue to rise pretty much across the board in all price brackets," Gaines said.2
- Total single-family home inventory did not change from the April 2016 level of 2.2 months’ supply. The housing inventory for the U.S. currently stands at a 3.8 months’ supply per the National Association of Realtors (NAR). Anything below 6.0 months’ supply is considered a tight market.
Texas Workforce Commission:
- In April 2017, employment increased by 104,600 new jobs year over year, an increase of 3.0% for the DFW MSA.
- Area unemployment increase in April 2017 to 3.8% from 3.6% in April 2016.
- Population growth continues to drive job gains. New estimates from the U.S. Census Bureau indicate Dallas-Fort Worth welcomed more than 140,000 new residents during the one-year period - the most of any metro area in the U.S. In July 2015, the population of the Dallas-Fort Worth area stood at 7,089,888, according to Census Bureau figures. Just a year later, the region’s population had jumped to 7,233,323. That’s a one-year spike of 143,435 residents, putting Dallas-Fort Worth at No. 1 for growth in terms of sheer numbers, rather than percentage.
Dallas-Fort Worth is seeing continued steady population growth and increasing job growth. The local financial and real estate markets stand to benefit. For Texas, McAlister Investment sees moderate job growth in 2017 and accelerated growth in 2018. As a result, the Texas metro single-family residential markets are positioned to thrive from pending population growth, job growth and an increase in first time homebuyers.
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Paul Connor , Hydie McAlister , Jim McAlister, Sr.
Principals, McAlister Investment Real Estate
and Sharon Beach, Vice President
- Dallas Business Journal