The Dallas real estate market continues to thrive and is one of the nation’s top buyer’s markets for 2023. People enjoy the Dallas, Texas, area for its low cost of living, affordable homes, and growing job opportunities.
During the pandemic, between December 2019 and December 2022, inventory and interest in new homes in the Dallas-Fort Worth area declined by 34%. This number is better than the national average of 42%, indicating people considered Dallas an alternative place to live, even during the challenges presented by the pandemic. Today, Dallas remains an attractive area for people all over the country to move to and buy a home, with a forecasted inventory growth of 100.4% this year.
Statistics for Dallas Real Estate Market
Dallas real estate market for 2023 is projected to peak in the fall. If you’re thinking of buying in the area and have some flexibility, you might have more inventory at better prices to choose from come autumn. As of April 2023, the median price for a single-family home in the Dallas area is $460,000, and a townhome runs around $325,000. Homebuyers in the Dallas area are among the youngest in the country, with an average age of 49. If you’re moving to the Dallas area for work, the top industries hiring include:
- Technology
- Finance
- Oil and gas
- Aviation and aerospace
- Defense
- Health care
- Customer service
- Leisure and hospitality
- Wholesale and manufacturing
- Construction and building
Texas employment rates rose by 2.3% since December 2022, with a job increase of 1.4% projected for the rest of 2023. Overall, Dallas rises above the rest of Texas for affordability, job opportunities, and quality of life.
Builders, Buyers, and Sellers Remain Confident
Dallas real estate, as with other top markets in the country, has reached a balance of demand for houses, appropriate inventory, and fewer supply chain issues. As a result, buyers looking for affordable houses have more confidence, sellers can move houses quickly, and builders can find the supplies necessary to build homes for families and working professionals. In addition, home prices in the Dallas area are projected to remain about the same, so buyers can budget for new or used homes based on 2022 home prices.
Dallas Real Estate Market and Mortgage Lender Tips and Advice
The real estate market is ever-evolving in the Dallas-Fort Worth area as we move through 2023 and into 2024. With changing interest rates, a volatile stock market, and evolving consumer tastes, it’s important to buy a home in a steady and growing market. Dallas real estate agents and mortgage lenders watch the market carefully and can advise you on the best approach to buying a home for your unique needs and lifestyle.
If you’d like more Dallas real estate tips for the rest of 2023, feel free to contact our team at The Tuttle Group. Once you find your dream home in the Dallas-Fort Worth area, we can help you find the perfect loan to fit your budget. Whether you’re applying for a conventional, jumbo, VA, or FHA loan, we’re here to help.
