If you’re thinking it’s a great time to become a real estate agent in the Dallas-Fort Worth area, you’re not wrong! Check out the DFW real estate trends for 2020.
Home Prices Are Still Rising
Residential real estate prices in Dallas-Fort Worth are still on the rise, with home prices gaining 2.8% year-over-year in August according to a recent report from CoreLogic. This continues the trend of rising home prices that DFW has experienced for the past several years.
Price Gains are Behind the National Average
On the other hand, it’s worth noting that DFW’s rate of price increases is smaller than the national average. CoreLogic reported that national home price increases were at 3.6% compared to DFW’s 2.8%. The report also predicts that, on a national level, home prices will increase by 5.8% by August of 2020.
This relative slowdown in appreciation could entice buyers. This is especially true for new homeowners and those looking for properties at the lower end of the price scale, which experienced the biggest reduction in the rate of a price increase.
In the long run, slow growth is much better than a bust because many locals simply can’t afford to own in Dallas-Fort Worth. The area may have passed its peak, but it’s still a strong, steady market that’s poised to stay that way in 2020.
Sales Heating Up in Arlington
Situated between Dallas and Fort Worth, the city of Arlington is having a moment. Realtor.com ranked its zip code 76018 as number eight in its top 10 hottest zip codes in the country for 2019. Expect Arlington to keep thriving in 2020 with its convenient location, employment opportunities, and close proximity to AT&T Stadium (home of the Dallas Cowboys).
Housing prices are up 7.5% year-over-year, but the medium home price of $215,050 still looks affordable compared to other Texas metro areas. This is attracting a lot of buyers, more than a third of which are Millennials.
Increased Inventory in Dallas
Across the country, most major cities are struggling with supplying enough housing to meet demand. Data shows that Dallas is actually doing well with inventory and can likely supply buyers and renters with suitable options in 2020. A report from Texas REALTORS® predicts that new construction will continue to gain speed.
Strong Job Market, Strong Sales
Texas is a great place to do business, and that’s reflected in the Dallas-Fort Worth job market. The Home Buying Institute reports that the DFW metro area has recently experienced more job growth that the rest of the state. The means low unemployment rates, notable population growth, and yes – great opportunities for real estate sales!
Overall, the 2020 outlook for the Dallas-Forth Worth Texas real estate market is quite positive. Ready to get it on the action? Find out how to get your Texas real estate license today!