(Photo: David Woo/The Dallas Morning News)
Rarely do you see both home prices and rents grow in the same market where, as we reported earlier this week, net migration is in the red. And yet that’s what Local Market Monitor is projecting for Dallas-Irving-Plano area over the next 12 months.
That’s partially due to unemployment rates dropping and a strong financial and service job market in the Dallas area. Local Market Monitor projections show 9 percent growth in housing prices over the next 12 months and 12 percent growth over the next three years. And demand for housing, both buying and renting, will grow thanks to overall population growth that is outpacing the national average.
For these reasons, Local Market Monitor is categorizing the Dallas-Plano-Irving area as “Low Risk” for investors, which is good news for international real estate investors, a growing market in DFW.
Boots on the ground reports from Realtors still show sales as somewhat brisk, but according to RedFin reports, the fall season is showing its traditional slowdown from a hot sellers market to a better buyers market.
“At the end of this summer, you could smell the rubber on the road from buyers hitting the breaks,” said Redfin San Diego agent Sara Fischer. “The cutthroat competition and frenzied demand has relaxed considerably.”
So with prices reaching equilibrium and short inventory, those homebuyers who were waiting for the right time to find their dream home will be happy to hear that today’s the day.