Factors influencing the Dallas/Fort Worth Housing Market
If you’ve been considering buying or selling home in the Dallas/Fort Worth area you’ve likely seen a lot of real estate news coverage lately. The North Texas real estate market has been interesting (to say the least) over the past year or so, and is one of the hottest markets in the country. Unlike many areas, Dallas/Fort Worth has a number of industries that make for a robust economy and has many appealing factors for those looking to relocate (both individuals and businesses).
Some factors are more apparent than others and can often be overlooked by those who don’t closely follow real estate and business trends.
Here are just a few of the factors that influence the Dallas/Fort Worth housing market:
Job Growth and Workforce Migration
If you’ve been in North Texas for long, you’re likely very aware of some of the recent business relocations. The most prominent being the completion of car manufacturer Toyota’s $1 billion, 100 acre campus in Plano, which is bringing an estimated 4,000 jobs to North Texas.
That’s just the tip of the iceberg.
Of the 50 Fortune 500 public companies in Texas, 22 are located in the Dallas/Fort Worth area. Texas added over 40,000 jobs in June and is regularly listed as one of the “Top States for Business.” Not only are businesses setting up shop in North Texas, but businesses who have called DFW home are adding jobs and expanding as well. Job growth and workforce migration have created a booming economy.
Along with the addition of new corporate headquarters, and large-scale professional expansion, DFW has a number of development plans to accommodate and appeal to new residents. Collin, Dallas, and Denton counties are all in various stages of new developments ranging from retail space and residential properties, to extravagant mixed-use developments.
Investors from around the world are currently working on development projects in Dallas/Fort Worth, with no end in sight. Some of these large-scale projects are underway, but new developments are being announced everyday. These projects have a huge impact on the overall wellness of the North Texas housing market.
New Home Construction
While pre-owned home sales have skyrocketed, demand has far exceeded supply in some areas. This has lead to significant home value increases, and has also highlighted the growing need for new home construction. Areas such as McKinney and other suburban areas have plans underway for large residential projects to help meet this demand. This in turn leads to even more job growth by adding thousands of jobs to get these homes built, which is one more example of the diverse North Texas economy.
Conclusion: The DFW Housing Market Will Continue to Boom
These are just a handful of the factors that influence the North Texas housing market, and within each of these individual factors exist a number of additional influences. For the most part they are largely connected, and it’s easy to see how one may affect another, but luckily for the Dallas/Fort Worth area we are not wholly dependent on one specific industry.
Our strong and diverse economy makes North Texas a great place to live and work, and provides many benefits to its residents. Whether you’re a long-time resident looking to sell your Dallas/Fort Worth home, or have recently relocated, you need an experienced North Texas Realtor® on your side.