Market Report: Dallas Residential Real Estate Market Hits Rock Bottom, And There’s Nowhere to go But up
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Hopefully we'll be seeing fewer of these signs in the next 12 months.
So, we have good news and bad news. Which do you want first?
Well, the good news is that, after a relatively mild recession, the Dallas-area residential real estate market is poised for an uptick, propelled by job growth, a vigorous banking sector, and more people with a few bucks to spare, according to a report from LocalMarketMonitor.com.
The bad news? Well, we’re scraping the bottom right now. But hey, I’m no born optimist, but even I can find a silver lining: At Dallas’ worst, the rest of the country is much worse off.
Home values in the Dallas/Plano/Irving area are expected to drop 1 percent in the coming 12 months, the report speculates. Nationwide, prices are expected to fall 2.6 percent.
An indicator of a favorable residential real estate market is rents. High rents = A good time to buy. Low rents = Make friends with your landlord. In the Dallas area, the rent forecast is expected to outpace home prices by quite a bit, so get those printers stocked and fax machines serviced, folks.
And our population is growing, too, and at a faster rate (2.6 percent) than the national average (1 percent). That means cheaper homes for more people who have more money to spend on homes.
Sounds like a win, win, win situation for Dallas-area Realtors, especially with the likes of Garcia Desinor Junior saying, “This is going to be a great year for Dallas real estate. Values are beginning to stabilize and increase.”
Tell us: Are you bullish about the residential real estate market for the next 12 months?
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I am bullish, Joanna, and think we are going to have a great spring. We do have a lack of inventory in the bubble areas but I even hear North Dallas is moving. You should chat with Jo Pressly in Preston Trails… she's a great agent.
I am bullish, Joanna, and think we are going to have a great spring. We do have a lack of inventory in the bubble areas but I even hear North Dallas is moving. You should chat with Jo Pressly in Preston Trails… she's a great agent.