NAR’s recent generational survey uncovered some really interesting trends. For starters, more and more Millennials are eschewing urban life and heading for the burbs, where they can afford to buy a house. Though Millennials contributed the largest share of home buyers in 2017 at 36 percent, a shortage of single-family construction has kept aspiring homebuyers from making the move. Additionally, larger numbers of households are living a multi-generational lifestyle, with more younger Baby Boomers buying homes to house their adult children and their own parents. Even Gen X households are buying homes with the intent of having their parents under the same roof. 

Now that many Millennials have started to pay down their staggering student debt, more of them are starting families. According to NAR’s report, the share of Millennials with at least one child continues to grow. But for many Millennial households in America, their desire to become homeowners combined with slow wage growth and high housing costs have pushed many out of larger cities and toward the suburbs. In fact, 52 percent of Millennial homebuyers bought larger and more affordable properties in suburban locations. 

In fact, Thrillist just published a piece that speaks to this trend: “State of the Suburbs: Dallas.” Forced to look in every nook and cranny for a home they can afford, Millennials are now turning their eyes toward the close-in suburbs that might not get as much attention as the master-planned communities in Collin County, such as Duncanville, DeSoto, Garland, and Grand Prairie.  

Of course, a lot of these trends speak to life in Dallas, which has a very upwardly mobile workforce and a lot of Millennials. However, are we seeing a run on suburban living? We asked some of our most-trusted Realtors to find out. 

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By Amy Dobson
Special Contributor

A house that makes people instantly take notice has just arrived in the C Streets neighborhood thanks to the team at JNT Developers. It isn’t just the dramatic angles of the exterior or the full-size balcony that catches your eye as you drive by. It’s when you step inside and see an airy floor plan with luxury features nestled in to every corner that you start to gain a full appreciation for how impressive this four-bedroom, five-bath home is. 

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Realtor.com lists Dallas as its 11th hottest market.

Realtor.com is hailing it the longest inventory decline in two decades. According to a new report from the online property search site, there were 11 percent fewer homes available in June 2016 than the previous year. The drop marks the 24th consecutive month of falling inventory – the longest streak in 20 years. Home prices also reached a new record, selling for 9 percent more than in 2016.  Together, these trends present enormous hurdles for buyers.

Currently, median inventory age in Dallas hovers at only 38 days, well below the national average of 60 days. As the Realtor.com’s 11th hottest real estate market, Dallas feels the strain keenly, but it certainly isn’t alone. “More markets than ever are struggling with inventory problems,” said Javier Vivas, manager of economic research at Realtor.com. “In 80 percent of markets there are fewer homes for sale currently than this time last year.”

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GetMedia-1Nothing warms our hearts more than a Ranch-style home, especially a refreshed ranch. This all-American house style was popularized in the 1950’s, notably by architect Cliff May, and quickly became the iconic suburban home. The simple informal design captured the imaginations and suited the lifestyles of the post-war generation.

What goes around, comes around and a new generation of buyers have rediscovered the ranch.

These homes are a great investment for multiple reasons. Not only do they adapt to traditional or modern tastes, they can capture the midcentury modern aesthetic with minimal work. They are also not terribly challenging to renovate or add on to. Our Saturday 700, at 6610 Yosemite Lane, is a prime example of how to refresh the right way.

By the way this is also a rather famous street in Dallas. It is where the late, great Texie Waterman resided, the first (and some would say, only) choreographer of the Dallas Cowboys Cheerleaders! Also of note is that this particular home was once owned by Dallas cosmetics guru Niven Morgan III… good genes in the house and the ‘hood!

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