North Texas Real Estate Booms
North Texas is an ever-expanding metropolis, with new developments and businesses cropping up every day. New draws people in, according to the Realtor.com June Real Estate Market Report, which ranks Dallas/Fort Worth at #5 on the list of hottest markets in the US.
The Urban Land Institute also recently released their Emerging Trends in Real Estate report, which ranked Dallas/Fort Worth as #5 on their list of markets to watch. While the Realtor.com report was dominated by California-based cities in high rankings, the Urban Land Institute Report had Houston and Austin settled in at #1 and #2, respectively.
Texas’ pro-business legislature allows for the expansion and/or relocation of many large companies into North Texas, including Toyota, Amazon, Facebook and Liberty Mutual, bringing with them thousands of job opportunities that have people flocking to DFW.
The housing market in DFW is booming in every sense because of this. Over 10,000 pre-owned homes were sold in North Texas last month, a record-breaking number. Supply is falling far short of demand, and most sellers are receiving offers within a week of listing their properties. We have an average inventory level of 2.8 months, which means if no more houses were to go on the market after today, in 2.8 months, theoretically, every house would be sold.
In North Texas, 17 percent of our economic output is real estate, and there are now over 92,000 real estate related jobs thanks to a recovering economy and business-friendly region.
To read more about real estate and other career areas in North Texas, check out the North Texas Profile here.