Strong economic factors, job gains, and population increases have experts predicting strong growth in North Texas home prices in 2015, and a 35 percent increase in home prices over the next three years in the Dallas-Plano-Irving areas.
Local Market Monitor, Inc. released its December 2014 local market reports for North Texas, looking at factors like jobs, migration, housing permits, local market risk premium, and average home prices. Based on those analytics, they say home prices will likely grow 11 percent in the eastern counties of North Texas and 8 percent in the western counties over the next 12 months. Nationally, prices are forecast to increase by 6.3 percent.
They’ve extended their forecast two and three years, as well. In the eastern DFW counties, home values are predicted to increase 11 percent in 2016 and 10 percent in 2017.
In the western counties, home values are expected to increase 8 percent in both 2016 and 2017. The report predicts home prices to increase 25 percent over the next three years, noting that market is currently underpriced 17 percent relative to income.
These reports echo the sentiments of local realtors and real estate experts, who have been crowing about strong North Texas job growth, more buyer and seller confidence, continued low interest rates, and investor demand. Jump to read more!