In 2017, the Dallas-Fort Worth metropolitan area was named one of the fastest-selling real estate markets in the US. With an average Days on Market of only 39 days, the area had one of the shortest selling times in the US. By the end of the year, inventory in the MSA was equivalent to 1.9 months – significantly lower than the national average, emphasizing the high demand for homes here.
In the first half of 2019, there have been indications that the market is slowing down after years of frenetic activity and a significant surge in home prices. The average Days on Market has risen to 55 and months of inventory is now 4.1.
The metro, however, remains one of the strongest real estate markets in the country.
- The 2019 Emerging Trends in Real Estate report, released in late 2018 by PricewaterhouseCoopers and the Urban Land Institute, ranked Dallas as the top market for real estate investments for 2019, besting 277 other cities
- Home prices are still rising, and real estate authority Zillow predicts home prices in the metro will increase by around 7.5% by the end of 2019
- Commercial real estate company Marcus and Millichap also predicts the metro will remain one of the top places to live in 2019
Growing Population in Dallas-Fort Worth
The area’s fast-rising population is the main driver behind this remarkable growth in real estate.
In 2018, around 130,000 people moved into Dallas and Fort Worth, and about one-third, or 40,000, are estimated to want to buy a home. In less than 10 years, the area has seen a population increase of around 1 million, and now with 7.5 million residents, the MSA has become the fourth largest in the country.
It’s also significant to note that these new residents are mostly younger people age 0 to 40 years – the age group that is more likely to need a new home.
Why are people moving to the Dallas-Fort Worth metro?
These are some of the top reasons:
- Job Growth
There are plenty of job opportunities in the area. The unemployment rate here is 3.3%, which is lower than the national average of 3.9%. According to the Bureau of Labor Statistics, around 102,500 jobs were created in the metro in 2018 and another 105,000 are expected to be created by the end of 2019. Jobs are available across various sectors, from the government sector to private services.
- More Affordable Cost of Living
While the cost of living in Dallas-Fort Worth is 2% higher than the national index, it’s considerably lower than in other major metros like New York or Miami. Given the wealth of job opportunities here, many will find the slightly higher cost of living to be well worth it.
- Great and Diverse Lifestyle
There’s something for everyone in the metro. The arts and culture scene is thriving, with dozens of amazing museums and art galleries. The nightlife is buzzing and there are numerous restaurants to satisfy your cravings for any cuisine. There’s always an event, festival, or concert to go to, or a major sporting event to watch. Nature lovers will enjoy the numerous parks and gardens in the metro, as well as nearby outdoor destinations.