North Texas Real Estate Booms
- ntcdfw
- Jul 5, 2015
- 1 min read
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.
One thing this post gets right is that it treats the Dallas/Fort Worth housing market as an economic event rather than a real-estate story. The Realtor.com June report ranks DFW fifth among the hottest US markets; the Urban Land Institute's Emerging Trends puts it fifth among markets to watch, with Houston and Austin ahead at one and two. Those two rankings measure different things — current heat versus future potential — and the fact that the region lands high on both is the reason the record numbers in this post exist. More than 10,000 pre-owned homes sold in a single month does not happen by accident; it happens when corporate relocations bring thousands of jobs, and those jobs bring people…
The detail that ties this whole post together is the one tucked into the last paragraph: 17 percent of North Texas economic output is real estate, and there are now over 92,000 real estate-related jobs in the region. That is not a side effect of the boom — that is the boom. When a metro's economy leans that heavily on property, every corporate relocation, every interest-rate move, and every inventory report has an outsized effect on the whole regional picture. The post's numbers stop making sense as isolated facts and start working as a system: Toyota, Amazon, Facebook, and Liberty Mutual bring thousands of jobs, those workers need housing, the 2.8-month inventory means supply cannot keep up, and the record…
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What struck me most in this post is the sentence about the 2.8-month inventory level, because it quietly explains everything else. The Realtor.com June report and the Urban Land Institute's Emerging Trends both rank Dallas/Fort Worth at number five — on heat and on watchlists respectively — and the post itself notes that the two lists disagree on which Texas cities lead, with Houston and Austin taking the top two spots in the ULI version. But the inventory number is the one that turns rankings into lived experience: 2.8 months means the market is running on fumes, and the detail that most sellers receive offers within a week of listing confirms it from the ground. The relocation angle is wha…
What struck me most in this post is the sentence about the 2.8-month inventory level, because it quietly explains everything else. The Realtor.com June report and the Urban Land Institute's Emerging Trends both rank Dallas/Fort Worth at number five — on heat and on watchlists respectively — and the post itself notes that the two lists disagree on which Texas cities lead, with Houston and Austin taking the top two spots in the ULI version. But the inventory number is the one that turns rankings into lived experience: 2.8 months means the market is running on fumes, and the detail that most sellers receive offers within a week of listing confirms it from the ground. The relocation angle is wha…