by Tracy Hookstra | May 17, 2023
The local housing market in the suburbs North of Dallas has unique factors to consider for anyone looking to buy or sell a home this Summer.
We can’t talk about the housing market in our area without acknowledging the continued economic growth in North Texas. This strong growth is one of the primary reasons that we believe that the 2023 Summer housing market in Collin, Denton, and Dallas counties is going to remain competitive.
According to the U.S. Census Bureau the top 15 cities with the largest numeric population increase between July 1, 2020, and July 1, 2021 included:
Frisco, Texas at #8 with an estimated 7,933 new residents
McKinney, Texas at #15 with an estimated 5,568 new residents
#3 Fort Worth and #14 Denton were other North Texas cities on the list, adding 12,916 (Fort Worth) and 5,844 (Denton) residents to our neighboring market areas.
This population increase in North Texas can largely be attributed to job growth and new businesses in our area. North Texas is home to 142,255 corporate, subsidiary, and regional managing offices; according to data reported by the North Texas Economic Development Corporation. The other top most traded industries in the Dallas – Fort Worth area are:
2- Scheduled passenger air transportation
3 – Hotels and motels
4 – General warehousing and storage
5 – Custom computer programming services
All of these factors set North Texas up as an ideal U.S. business hub. Being centrally located makes it just a quick 3-hour (or less) flight to either coast. A generally lower cost of housing than other major cities in the U.S. is a big appeal to big businesses. We also can’t forget that Texas has favorable public policies in place that support business growth within the state.
Many businesses looking to establish a headquarters or relocate their headquarters have taken notice of the advantages of North Texas. This has sparked a steady growth of highly skilled jobs, an increase in population, and a need for housing.
The demand for housing in North Texas has grown and is predicted to continue to grow for many years to come. While the impact of mortgage interest rates has slowed down the market over the last 9 months, analyzing a few market indicators shows that there are still buyers competing for properties that are priced well for the current market.
In both Collin and Dallas Counties a healthy number of active listings sold. Although those numbers were down from March reports, the Summer will bring in more potential home buyers who were waiting for the school year to end and more houses to come onto the market.
A low inventory of homes and more buyers in the coming months, make this Summer a good time to sell a home. The increase in the number of homes sold above the list price was consistent throughout Collin, Denton, and Dallas Counties in April 2023.
Pricing your home correctly is still important in the current market. Fewer homes in Collin Denton, and Dallas counties required a price reduction before being sold in April, in comparison to March. However, homes that are priced too high may not get as many offers while buyers are willing to wait for the right home at the right price.
Summer comes with both more listings on the market and more home buyers each year. This will be a welcome change for buyers who have been waiting for more inventory to come on the market. And… it will also be a great opportunity for sellers to take advantage of the competition of the Summer months.
Mortgage interest rates have been one of the top housing market headlines since last Summer. However, there is more to the market than interest rates. In North Texas specifically, our job market growth is likely to keep the demand for housing strong for years to come. This means that waiting to buy a home could mean paying a higher total cost down the line. It also means that buying a home in North Texas is a good investment, with the value of your asset growing over time.
The Jan Richey Team has been guiding home buyers and sellers in this local market for more than 35 years! We would love to answer your questions and help you achieve your real estate goals. Connect with us today!
North Texas Living is brought to you by the Jan Richey Team, a premier Real Estate group offering over 115 years of real estate experience and expertise to their clients. The Jan Richey Team is committed to providing the best service in the business to buyers and sellers throughout the Dallas Metroplex, specializing in North Dallas, Plano, Frisco, Allen, McKinney, & more! This blog was designed to give people a better insight into our wonderful community and all the great things it has to offer. We hope you enjoy!