For the next several years, Dallas-Fort Worth should truly be “Home, sweet home” for homeowners.
In mid-December, the National Association of Realtors released a report identifying DFW as one of the 10 U.S. home markets expected to outperform over the next three to five years. No other Texas metro areas showed up in the top 10.
The National Association of Realtors picked DFW and the nine other metro areas based on factors such as population growth, job growth, appreciation of home prices, and housing affordability.
“With a median area income of more than $57,000, [DFW] is attracting young, millennial couples looking to settle down and start a family,” the Inman real estate website notes.
The Realtors association found, for instance, that 51 percent of the recent movers among current and new DFW renters could afford to buy the typical home in North Texas (with a 20 percent down payment). The MetroTex Association of Realtors reported the median price in October of a single-family home in DFW stood at $261,000, up 4 percent versus the same time a year earlier.
By comparison, the median home price in the Austin metro area was $327,500, up 7.4 percent over a one-year span, according to the Austin Board of Realtors.
“Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” Lawrence Yun, the national association’s chief economist, says in a release. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”
In alphabetical order, the top 10 home markets for long-term performance are:
- Charleston, South Carolina
- Charlotte, North Carolina
- Colorado Springs, Colorado
- Columbus, Ohio
- Dallas-Fort Worth
- Fort Collins, Colorado
- Las Vegas
- Ogden, Utah
- Raleigh-Durham-Chapel Hill, North Carolina
- Tampa-St. Petersburg, Florida