The area is preparing to meet incredible demands from homebuyers.
With a staggering 33 percent increase in new constructions, the Dallas-Fort Worth area is preparing to meet growing housing demands.
This particular development might be news for those who are out of touch from the DFW housing market. But it comes as no surprise to realtors on the ground. In fact, the consistently increasing requirement for DFW houses for sale predicted this development for buyers and sellers a while ago.
DFW Builders Initiated a Significant Amount of Constructions in 2020
According to recent statistics, builders in the DFW area started construction on 47,919 new units in 2020. In comparison, the number of initiated constructions in 2019 was limited to 36,041 units.
To further add to the effects of this development, 13,667 of these new units started in the fourth quarter of 2020 alone. Whereas, the fourth quarter of 2019 saw the start of 9,034 new constructions only.
The new constructions are fueled by heightened demand and shortage of inventory experienced in Dallas Fort Worth real estate. As the region continues to see newfound interest from all types of homebuyers, replacing lots with homes has become priority.
That is why the onslaught of new constructions has continued in the new year. Builders in the area are intent on initiating new projects left, right, and center. Through their focus on planning and development, they are pushing to meet the requirements of the thriving DFW housing market.
DFW Has a Short of Inventory With Increasing Prices
The DFW houses for sale and rent have been in unprecedented demand during the coronavirus (COVID-19) pandemic. As homebuyers try to benefit from low mortgage rates and decreased cost of living, the area is garnering incredible attention.
Thanks to these developments, the available listings in Dallas Fort Worth real estate are selling like hotcakes. Any homes that are put on the market are snagged away in an instant. The increase in prices has not had an affect on this market activity.
Due to this reason, any type of listing that offers multifunctionals spaces and increased square footage is considered prime property. Even considerably smaller homes are tapped by those looking for affordability. Whereas, luxury listings are bought by those who want a change of climate. Either way, all types of properties bring good news for realtors, who are witnessing the market’s growth in real time.
Texas Has Consistently Attracted Out-of-state Movers
Even before the COVID-19 outbreak toppled the world, Texas was known as one of the top states for in-migration. With the Lone Star State’s weather, affordability, and economy, the DFW housing market also consistently welcomed out-of-state movers.
These effects have grown by twofold during the novel coronavirus outbreak. Now that people can move homes easily due to remote work, switching states isn’t that challenging. The need for a more economically stable homebase also feeds into the requirement for families. As a result, DFW houses for sale stand out to many as the perfect answer to their problems.
Due to this reason, the Dallas-Fort Worth real estate had recorded 111,092 existing-home sales by November 2020 alone. These sales also indicated an 8.52 percent increase from the past year. Once the numbers for December are put together, the overall statistic is set to grow further.
At the time of writing, the DFW area has just above 13,350 units on the market. According to projections, this supply is only good for 1.5 months. That is why, it’s critical that a significant number of new constructions or existing homes are put on sale soon.
With DFW builders focusing on meeting these demands in record time, it seems that the inventory goal would be met. For now, local realtors are moving toward the new year with the same momentum that they carried from 2020.