As one of the largest cities in the United States, Dallas boasts a real estate market that is as busy as the streets that run in and around the Dallas-Fort Worth metroplex. The city has a population of nearly 1.5 million residents, making it the ninth largest city in the country. When combined with Fort Worth and surrounding areas, the metroplex is the biggest in the South and the 4th largest in the country. The real estate market in this area is competitive and fast moving because of the sheer number of buyers and sellers in the market at any given time.
Most cities are centered on just a few industries that make up the majority of the employment and development within the area. However, in a city as large as Dallas, there are countless industries that bring people from all different corners of the world for job opportunities and family-friendly areas. Some of the largest sectors in the Dallas economy include energy, healthcare, transportation, banking, telecommunications, and many more.
Dallas offers an incredibly diverse real estate market with single-family homes ranging from extremely inexpensive investment opportunities to well-appointed homes far beyond the $1 million mark. Much of the pricing in the Dallas market depends on the neighborhood. Some of the most desirable (and expensive) neighborhoods in the city include Preston Hollow, Oak Lawn, University Park, Highland Park, and North Dallas. Buyers looking for a great deal or an investment opportunity should seek out properties in neighborhoods such as Turtle Creek, Cedar Crest, Wolf Creek, Pleasant Grove, Oak Cliff, Richardson, Redbird, and Plano, among others. The average property listing in these neighborhoods is below $100k, making for great value potential.
The population of Dallas is widely diverse and generally younger than other markets. The average median age of a Dallas resident is 31.8 years with a large percentage of the population being made up of White, Hispanic, and African American ethnicities. There also exists a growing Asian population within Dallas and the areas surrounding. Median incomes for those working in Dallas come in just north of $56,900, which is slightly above the national average. In contract, the median home price in Dallas is just $255,000, which is below the national average. This difference means that living in Dallas is much more affordable that can be found in other parts of the nation. While urban living is usually more expensive than rural life, Dallas offers a chance for residents to enjoy the big city lifestyle for less money than other metro areas around the U.S.
The majority of people living in Dallas reside in single family homes thanks to the sprawling nature of the city and the abundance of land that has been developed. However, like all major cities, there is high-rise living available within the center of the downtown area. Those commuting to and from work in the city most commonly drive a private vehicle, although there is a well-developed public transportation system available.
Almost 30% of the adult population in Dallas has a minimum of a bachelor’s degree, which is well above the national average. This is common for big cities, and represents the high level of industry that can be found in the city. 14 of the companies on the Forbes 500 list can be found in Dallas. In fact, it is employment opportunities in many of these large corporations that bring many people to the city in the first place. Along with employment, there are recreational and entertainment reasons to call Dallas home. The warm and dry climate in Dallas invites concerts and performances, major sports franchises and outdoor recreation at every turn.
The real estate market in Dallas in 2015 is incredibly competitive and fast paced. Many real estate agents are reporting homes selling faster than ever before, thanks to a small level of inventory at the moment and a large number of buyers. The Dallas area had the largest year-over-year home price rise in the country in October, 2015– up 9.1 percent from the year before. The median sales price over the last 11 months of 2015 in the Dallas market was $255,000. Currently the smaller inventory is in fact reducing the number of transactions and likely still driving up prices making the Dallas market a seller's market where competition between buyers is fierce and sellers are receiving multiple offers above the listing price.
Prospective buyers in the Dallas market in 2016 would be wise to act quickly as there are not enough properties to fulfill the current level of demand. Considering how desirable the Dallas area is for its many job opportunities and big city living, the demand is not likely to slow down any time soon. Until the supply catches up with that demand, the market will continue to move quickly and prices will likely continue to rise. As one of the largest and most developed metro areas in the country, Dallas has everything a home buyer could want in a new place to live.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370