One of the most prosperous and active real estate markets of Texas is located in the area of Dallas-Fort Worth. This area we also can nominate how the cultural and commercial hub of all Dallas region. In the first month of 2016 the median real estate price was about $210,100, and the prices of Dallas real estate market, in comparison with the past year, now are continuing to grow. The appreciation homes rates in Dallas now remain robust, but in one year, the appreciation rates for homes located in Dallas area has risen about 9.1% ($20,831) – an impressive figure in comparison with the 6.1% ($15,781) of the national average. But, how historically has formed, the real estate affordability in Dallas now continues to rise stronger. The monthly payment for mortgage to the income was about 8.6% in 2016 in Dallas’s area, compared with 14.5% of the national average. So the median real estate price in Dallas’s area was about 1.6, when in the national average it was 2.6. So, due to home affordability, unemployment rates and the growing economy is much lower in comparison with the national average, and 2016 is really big year for Dallas and its real estate market.
The real estate market, located in Dallas-Fort Worth, now continues to be really active, and 2016 seems to be the best year for its, obviously, after the recession. According the last statistics of real property markets, now it’s possible to view the positive evolution and growth for Dallas city, where are living about seven million people. In comparison with the past year, the prices for real estate are continuing to rise, and the median price for home in Dallas area is now $210,100, while the national average price is about $215,767.
- All in all, the medium price for all purchased (in real estate markets) houses in area of Dallas is more than $20,831, while, according the data of national average prices, we have this figures: about $15,781 (in this period).
- While three years ago, the paid price at all purchased houses was $58,382 (in Dallas’s real property market, of course). And $49,356, according the national average (at the same time).
- Five years ago, the paid price at all purchased houses in Dallas’s real property market was about $77,957. At the same period of time, the paid national average, on average, was $68,727.
- Seven years ago, the paid price at all purchased houses in Dallas’s real property market was about $84,424. At the same period of time, the paid national average, on average, was $59,758.
- Nine years ago, the paid price at all purchased houses in Dallas’s real property market was about $83,068. At the same period of time, the paid national average, on average, was $16,435.
- Now the median price for real estate is: $210,100
- Appreciation rate in one year: 9.1%
- Appreciation rate in three years: 31.0%
- The level of unemployment: 3.8%
- Job growth level in one year: 3.9%
- Population: 7,102,796
- Average household income: $53,849
For the first months of 2016 the real property market of Dallas was stable. Very low rates of mortgage now continue to make real property affordable for clients, because 30-year mortgage rates fell to 3.7% in Q1 (in 2016) in comparison with 3.9% in the quarter of 2015. Is expected that the rates will remain low throughout the year.
According the overall economy of the city’s, nowadays Dallas is evolving and growing, like every one other city of the country, where job and unemployment continues to fare much better in comparison with the national average.
The today’s rate of unemployment is about 3.8% (and the national average is of 5.0%). In the last 12 months the job growth increased about 3.9% (and the national average is about 2.0%).
Historically, Dallas was one of the most available nation markets, with mortgage payment just about 9.9% in comparison with the 19.5% of the national average. The median mortgage payment in the first months of 2016 was about 5.9% – better result if we compare it with data of national average, in spite of dropping in the first months.
The median property price-to-income in area of Dallas was about 1.6%, while the national average is 2.6%. Now more than ever is important the attention, than investors pay for the price-to-income of property in the real estate market of Dallas.
New construction is one other element that is fueling Dallas’s real property market. In the last year, the quantity of single-family homes increased 15.4% (11.3% of the national average) and today’s level of the construction is more than 50.2% above of the long-time average. Now, in comparison with the last year, the construction in Dallas is much active than ever and the level of newly built houses will continue to rise during 2016. So, the real estate markets, located in Dallas, should benefit because of this news.
The expected price for the real property market in Dallas is expected to be modest than it was past year. According the Realtor.org, is expected the growth, that will start in the next year, but, in spite of this, the real property market of Dallas will remain very competitive in comparison with national average. In 2016 the market of city should remain very prosperous, especially for the investors of Dallas’s real estate.