According to the Dallas Morning News, with 200 newcomers moving to DFW every day, they will have trouble finding a place to live. North Texas has been underbuilding housing since the end of the recession … and there’s no sign that the shortage of homes in the Dallas-Fort Worth area will ease as long as the market is sizzling hot.
In 2015, according to U.S. Census Bureau, D-FW had the second-highest residential construction total of any U.S. market. The inventory of homes listed for sale with real estate agents in North Texas is stuck near a two-month supply. That’s about a third of what’s considered a normal market. Even with steady increases in construction, home starts in the D-FW area remain about 40 percent below where they were 10 years ago.
A shortage of labor, affordable building sites and rising construction costs are keeping a lid on how many houses builders can produce each year. The industry won’t build its way out of the current property pinch. To top it off, homebuyers who house-hunt this spring are finding a cutthroat market with bidding wars for choice properties.
For decades, Texas has prided itself for having some of the most affordable housing prices in the nation. But a new comparison of housing costs around the country shows that the Dallas-Fort Worth area has almost caught up with nationwide home costs. D-FW’s median home sales price in the first quarter was $210,100 – about 4 percent less than the national median price, according to a new report by the National Association of Realtors.
North Texas prices were up 9.1 percent in the first quarter from a year earlier, according to the Realtors. Nationwide prices increased by just 6.3 percent during that same period.
North Texas home prices are now at an all-time high. Median prices paid for homes sold by real estate agents in the area are about 40 percent ahead of where they were during the recession.
If you’re selling, this is a sizzling hot time to do so.