2013 Predictions for the Dallas Real Estate Market

City of Dallas, East Dallas, Economic Outlook, Home Buyers
Dallas Real Estate

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There always seems to be gloom and doom on the national horizon:  “Fiscal Cliff”, “Debt Ceiling” “High Un-Employment Rates”, “State and local government budget cuts”, “Big Banks unwillingness to lend”. And it looks like Washington will continue to muddle through their mess creating uncertainty and a general lack of confidence.  On my New Year’s trip to Las Vegas, I had a family friend say to me: “That’s it! We are moving to Texas! We say it all the time.  If things get any worse, we may actually mean it!” TEXAS, this beautiful Lone Star State, continues to outperform the national average and we have reason to be optimistic, especially here in Dallas.

Largely driven by the energy sector – oil and petrochemicals – Texas Job growth continues to outpace the national rate.  And in 2012, Jobs in the Dallas area increased by 2%.   This increase in area jobs, drives relocation and the population growth in Dallas is stronger than ever.  This means a DEMAND for housing.

In 2012, the number of home sales in Dallas was up by 18% from the previous year.   In addition, Dallas Home Prices increased by 22% with a median price of $215,000, compared to the median home price of $176,000 in 2011. (These statistics are based upon Single Family Home Sales in the city of Dallas, as recorded by North Texas Real Estate Information Systems / MLS).

New Construction is rebounding, but still has a ways to go.  In 2012, Dallas area Single Family home Building Permits were up 15% – 20%.  Home builders are still offering incentives!

Dallas is a thriving real estate market.  The combination of economic and business growth, affordable home prices and the continuing low interest rates makes 2013 a great time for qualified buyers to purchase a home!  And a great time for investors too!

As always, if you have questions about purchasing a home, or if you would like to know what your home is worth, send me an email or give me a call.  I am always available to provide you the most current market information.

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