Dallas and the surrounding area is without a doubt one of the best places to live in the USA. The job market is strong, there is no state income tax, the weather is nice, and it is a place full of great things to do, see, and eat. It is great for sports lovers, outdoor adventurers, history buffs, and everyone in between.
However, if you want to rent or buy in Dallas, it is a good idea to familiarize yourself with the real estate market so you know what you’re getting into ahead of time. In an effort to help you out and get you acquainted, this article is going to take a close look at the real estate market in Dallas and some of the facts and trends to watch out for in 2022.
More People Are Flocking to the Area
One important thing to keep in mind is that the Dallas area is growing in population very quickly. In fact, no metro area in the USA has grown as much as the Dallas-Fort Worth metro area has in 2020-2021. The area has gained over 97,000 people during that year.
Whether they opt for an uptown Dallas Apartments, or want to buy a home, all of these people need a place to live. As a result, the influx of new residents will likely continue to have a major impact on the area and its real estate market. There will be a lot of demand, and this is often not met by enough supply in the metro area, especially in desirable neighborhoods.
Prices Will Likely Continue to Rise
Because of this influx of new people, and the lack of supply in terms of homes and apartments, we have seen prices rise in the area. This is both in terms of home prices, but also rent. While the increase can differ depending on tube neighborhood, many areas have seen dramatic increases in home values in a matter of months, with no signs of it slowing down.
While some believe the prices will begin to level off, it seems as if they will continue to rise. Some experts and reports claim that prices could continue to rise more than 20% higher than they currently are. This rise in pricing makes home ownership more difficult, and the Dallas market will continue to be hot and benefit sellers more than buyers.
Homes are Selling Quickly
Not only are homes selling for high amounts, often above the asking price, but they are also selling quickly. In the last year, homes are selling quicker than in the past, and we expect this trend to continue. With the sheer amount of competition out there, individuals and families know that they need to be decisive in order to get what they want.
The average time a home is on the market is about two months, but many sell much quicker than that. In fact, it is not unheard of for a home to sell within days of it being put up for sale. So if you see a home you like, at a price you can stomach, you will likely need to move quickly. If you wait too long on a good deal, it will likely be taken by someone else.
We hope that this article has been able to help you learn a little more about the Dallas real estate market in 2022. While it remains to be seen what the full year of 2022 has to offer, many believe the hot market in Dallas will continue.