The home sales in North Texas are so hot chickens are laying hard-boiled eggs. Not that it is any surprise that North Texas cities are dominating the real estate market in Texas; but, what is surprising is their domination of the national market.
According to WalletHub, North Texas cities hold the top three spots in the entire country for best real estate markets. Based on 16 metrics including the percentage of homes selling for gain, housing affordability, and median home-price appreciation, cities in the Dallas-Fort Worth region accounted for nine of the top 25 best national real estate markets and half of the top ten. With only ten states represented in the top 25, Texas held 9 of the top 25 spots, simply put, if the Dallas-Fort Worth region was a state, it would have the most cities on the list and have more than any other state.
August Bringing an Increase in Home Sales
In the Park Cities areas, two communities in Dallas County, the Town of Highland Park and the City of University Park, homes were on the market and average of between 59-101 days with a balanced supply and demand index of 6.8 months. Home sales in University Park increased in August 76.5% on 30 sales. According to Russell Berry, President of MetroTex Association of Realtors in Dallas, “August was an exceptionally busy month. We’re seeing strong increases in terms of number of sales and in dollar volume.” In MetroTex’s recently released report echoing a similar report from the Real Estate Center at Texas A&M University, North Texas home sales rose 12% over the previous year in August on over 10,800 sales. The median price for Dallas-Fort Worth area homes also increased in August over a year earlier by ten percent.
James Gaines, Chief Economist with the Real Estate Center at Texas A&M University, stated, “We had a dip in July, and I was kind of nervous about that. But sales bounced right back.” In the data from August compiled by the Real Estate Center, preowned home sales were 12% higher than August 2015. Prices for the homes were also up from 2015 averaging a ten percent increase. Numbers collected from the North Texas Real Estate Information Systems confirm a record 10,860 single family homes sold in August in North Texas. Home sales in 2016 in North Texas are six percent ahead of last year with sales topping 69,000 in just the first eight months in the more than two dozen North Texas counties they record.
Fort Worth Suburbs and Condo Sales
Realtor.com lists a modest suburb just north of Fort Worth of being the hottest zip code in the country; homes remain on the market as little as 17 days. The suburb, Watauga, is an active community with millennials comprising 65% of homeowners, at a median age of 34. Homes in Watauga are also 48% less expensive than Tarrant County and 57% less than in Dallas-Fort Worth-Arlington.
The North Texas Real Estate Information Systems released Dallas-Fort Worth proper area home sales facts for August that included a 5.5% increase in homes sold from those sold in July. That 5.5% increase represented the sales of almost 9,000 homes. The condo market also experienced improvement. Existing condo sales gained 6.6% in August from July sales figures on sales of over 530 units.
North Texas is indeed, on fire, the housing market is hotter than a ghost pepper and delighting the North Texas Realtor Community. Supply is still a determinative factor and bidding wars between competing buyers are sometimes at Texas proportions; but, the North Texas market is poised to keep growing as more consumers seek to plant roots in the very fertile economic hotbed that is North Texas.