The National Association of Realtors listed Dallas-Fort Worth as one of the nation’s top real estate market expected to outperform in the next three to five years.
In a newly released report, the trade association identified the top ten metro areas showing signs of continued strong growth. DFW distinguishes itself as the only Texas market on the list.
“Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR’s chief economist Lawrence Yun. “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 the last few years, DFW welcomed more than 1.09 million people, included in the total population of more than 7.5 million. The highest number – 15,332 – of recent movers came from the Houston metro area, according to the report.
DFW had the highest concentration of in-migration compared to the other nine metros in the report.
NAR crunched figures from the Bureau of Employment Statistics and American Community Survey of the 100 largest U.S. metro areas, and compared it housing factors such as affordability, job growth, population age structure, home price appreciation, among other variables to formulate the report.
“Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade,” NAR President Vince Malta said in a press release. “The dream of owning a home appears even more attainable for those who move to or are currently living in these markets.”
About 25% of all recent movers are homeowners in DFW, while 51% of renters can afford to buy a typical home (median value: 289,700), according to the report.
The unemployment rate has fallen from 4.1% in early 2017 to 3.1% in Sept. 2019.
In the last three years, payroll employment rose, on average, by about 2.5% annually in the top ten markets examined. The national rate is about 1.6% annually.
In alphabetical order, here are the top ten markets:
· Charleston, South Carolina
· Charlotte, North Carolina
· Colorado Springs, Colorado
· Columbus, Ohio
· Dallas-Fort Worth, Texas
· Fort Collins, Colorado
· Las Vegas, Nevada
· Ogden, Utah
· Raleigh-Durham-Chapel Hill, North Carolina
· Tampa-St. Petersburg, Florida