The Dallas - Fort Worth area, commonly called DFW or The DFW Metroplex, is a massive population center in the state of Texas. Around 6.5 million people call The DFW Metroplex home, which is good for making it the biggest metro area in all of the southern United States. With major corporations offering employment opportunities, great weather throughout the year, and affordable housing in many different neighborhoods, DFW is likely to continue to grow well into the future. Native Texans as well as transplants all agree that Dallas – Fort Worth is a great place to call home and a great place to experience some of the best of southern living.
There are almost countless corporate headquarters located in both Dallas and Fort Worth. The companies centered here are some of the biggest in the world and have drawn people from all walks of life to pursue their careers in the DFW area. Some of the companies include Texas Instruments, HP Enterprise Services, CA, Verizon, Dell, AT&T, and more. Aerospace is also a big player in the Dallas – Fort Worth market, featuring American Airlines, Lockheed Martin, Bell Helicopter, and Raytheon. No matter what field one chooses to spend their career working in, the businesses and industry that exists in Dallas and Fort Worth can serve to further that career.
Just like most other large real estate markets, there are both expensive and affordable areas within the DFW region. Neighborhoods with average prices that start at $400,000 and go up from there make up some of the more affluent parts of the Dallas area. Some of those neighborhoods are Far North Dallas, Historic District, Oak Lawn, Forest Hills, Preston Hollow, and Lakewood, and small cities inside Dallas like University Park and Highland Park, often referred to as the "Park Cities." If a buyer is hoping to stay within Dallas and spend less than $100,000 on a home, there are many options in that price range as well. Communities like Wolf Creek, Five Mile Creek, Redbird, Cedar Crest, Pleasant Grove, and Riverway Estates all offer first time homebuyers and those on a limited budget to have a piece of real estate to call their own.
Moving over to Fort Worth, the same variety in neighborhoods can be seen in that city as well. In fact, there are even more upscale and expensive communities to choose from when shopping on the Fort Worth side of The Metrolplex. Mira Vista, Park Hill, University West, Westcliff West, Crestwood, and North Hi Mount all come in with over $600,000 average listing prices. Despite those expensive housing areas, there are still very affordable choices in Fort Worth for buyers with less to spend. Sandybrook, North Greenbriar, Como, Highland Hills, Morningside, and South Greenbriar all see average real estate listings with lower than $75,000 price tags. One of the best attractions to the DFW area is the fact that owning a home is something that is possible for everyone.
More than many other areas in the United States, DFW is a predominantly white region. In fact, more than 70% of the population is considered White when Hispanic Whites are included in the calculation. Black individuals make up 13%, with various other races all accounting for minor percentages of the total metro area population. The median household income in the Dallas –Fort Worth area is right in line with the national average, coming in at just higher than $43,000. However, the urban areas tend to be very divided with some residents making large sums of money and many living at or below the poverty line. Where large metro areas usually lack for space and are populated with condos and apartments, Dallas – Fort Worth is made up of mostly single family homes because of the abundant flat land available in Texas. Almost three quarters of residents in the area live in single-family homes, and over 43% of those own their own home. Depending on where a buyer chooses to live around the DFW area, there is almost sure to be many single family homes available to choose from.
The 2013 real estate market in the Dallas – Fort Worth area has seen some increase in prices while the total number of units being sold has fallen significantly. The median sales price is up 15% over last year, rising to $73,000. However, the number of sales has fallen 42% in that time. For now, prices are being driven higher by a simple lack of choices on the market. However, as prices continue to rise, it is likely that more owners will choose to offer their home for sale and the market inventory could begin to rise quite rapidly.
Dallas – Fort Worth is an area that has seen rapid growth in recent decades and seems poised to continue that trend will into this century. With affordable housing and job opportunities within major corporations, all the ingredients seem to be in place for a market that keeps building on itself and remains competitive year after year. If the inventory of homes for sale increases soon, the market will likely accelerate rapidly and prices could look totally different in another twelve months. For buyers considering moving into the DFW region, now certainly looks like the right time to act.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370