Reasons for moving between states in 2020 varies from person to person, but includes employment, retirement, the need to be closer to family, search for a lifestyle change or improvement in quality of life, and of course the pandemic. The Greater Dallas Metro area offers all these things and more as the surge in relocation numbers continue to drive the housing market.
According to an interview with the Dallas Business Journal, Robert Half’s senior regional vice president Mark Malone said, “Dallas-Fort Worth will continue to thrive from a boom of companies and workers relocating in large part because of its low cost of living relative to other major employment meccas. That, coupled with the work from home trend prompted by the new reality of the COVID-19 world, is amplifying the relocation boom.”
A recent report from LinkedIn analyzed zip code changes among its 175 million U.S.-based members and revealed the top 10 cities gaining the most residents between April 2020 to October 2020. Dallas ranked 7 out of 10. For every person that moved out of Dallas, 1.35 people moved in. Texas as a whole added 374,000 residents in 2020, according to Dr. Luis Torres of the Texas A&M Real Estate Research Center.
That influx of residents, coupled with low mortgage rates, is fueling the housing demand. Forecasts for the Greater Dallas Metro area will likely see home prices rising through the year, given the current conditions.
If you’re considering relocating to the Dallas Metro and would like to discuss financing for a new home, we’re here to help. Give us a call today at (972) 591-3097 for a free quote and consultation.