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Dallas Past Real Estate Market Performance
The real estate market continues to frustrated buyers as the lack of inventory and increased demand push prices higher. The Dallas real estate sales market reaches an all-time record high in 2015, an average of 9.4%. However, after a disastrous period of job losses and slow growth in many sectors in the county between 2001 and 2010, the job growth has now returned to a double digit level in 2015: a clear indication that the Dallas real estate market is undergoing a serious economic recovery.
The home sales market, which is on the rise for the past five years recorded more than 71,000 sales during the last 12 months, ending April 2016, 10% higher than the sales in the previous 12-month period. The sales of existing homes increased by 31%, from 2012 to 2015, and the entry level home prices did not suffer a serious decline during the national housing downtime of 2008-2010. The rental market in Dallas has been soft. In fact, from 2010-2015, vacancy rates were estimated to be less than 5%, due to lower construction levels and economic recovery. Besides, the recent increase in interest rates, which has reduced the gains in the number of properties sold, the number of homes sold annually has improved by 3% for the past six months. Even though, it is expected that the interest rate will increase, the sales are not expected to decrease due to continued employment growth and increase in population.
Benefits of investing in Dallas real estate market
Dallas has a diverse economy
The economy of Dallas County is mainly based on commerce, banking, computer technology, telecommunication, transportation and energy. It is also the home to over 10000 corporate headquarters, making it the largest host of corporate headquarters in the United States. With these sectors, Dallas employs more than 28% of the Texas State workforce, meaning more employees who need homes and rental apartments.
High quality life
With world –class wellness facilities and low cost of living, many people are willing to live in Dallas. The place hosts million of people attending arts and culture events annually, making it a prime place for accommodation and rental business. It also features excellent public transport and highway system. Besides its central location in Texas, Dallas boasts some of the best K-12 schools, colleges, and universities in the United States.
Strong rental market
The rents are increasing in Dallas County by approximately 7% with an occupancy rate of over 95% for newer units. There are so many renters, house vacancies-lease faster with no more than 30 days on the rental market.
Shortage of new housing
Less than 7000 units constructed in the last 12 months, but more than 16,700 units were rented. This is because the construction, infrastructure financing no longer exists, financing for apartment construction is taking more than a year in underwriting, and most many small scale home builders in the county went out of business during the recent downward market cycle.
The Growth Potentials for the Dallas Real Estate Market ever Increasing Population
The economic meltdown in Florida, California, Arizona and other states in the United States is causing the rapid migration to Dallas. Dallas is one of the most populated counties in Texas with more than 3.48 million people. The birth rate in the county is higher than the national average. The quality of life is higher and the cost of living is low, hence attracting more families, retirees and businesses. With these developments of population growth, we are sure the real estate market in Dallas County is not going to slow anytime soon.
The job market in Dallas County is very strong, over 60, 000 new jobs were created from august 2014 to august 2015. Relatively stable housing fundamentals and diversified industries have provided the local and international residents with moderately secure standards of living. According to the united states of labor and statistics, the job growth in this county is twice the national average. In fact, the cost of living below the national average and quality education system makes Dallas enticing for various companies seeking highly qualified workforce. These national developments actually translate to the potential growth of the Dallas real estate market in the future.
Why We Recommend Dallas Real Estate Market to Investors