Current Housing Market in Dallas, Texas- By: Jacquelyn Marks
The median age of inventory in Dallas has dropped to 59 months as a 10.05 percent increase year over year in median list prices encourages more homeowners to list their properties. The median list price for a Dallas single family home now stands at $219,000 according to the National Association of Realtors.
The median sale price of an existing single family home is $169,900, compared to a median sale price for condominium units of $138,000. The strong metrics in the Dallas real estate market recently led to its being named sixth in the nation for the hottest "Turnaround Towns" by Realtor.com. The stable growth is largely believed to be due to the job growth rate in the Dallas-Fort Worth metropolitan area, which has led to a population influx and more potential households seeking single family and condominium units. As the inventory supply of existing properties is currently at 2.8 months, Dallas is experiencing a seller's market – but there are still plenty of options for potential Dallas foreclosure buyers.
Trends in Dallas, Texas Foreclosures and Real Estate
After four consecutive quarters of growth in excess of 30 percent for new homes in the Dallas-Fort Worth area, the new home market is showing signs of moderating even though growth is expected to remain positive. The fastest growth is still being seen in more highly priced properties, with starts most numerous for homes priced over $350,000. This tends to indicate that there is a strong demand for luxury properties that is not being met by existing inventory, and may be an avenue for investors in Dallas foreclosures to explore.
The population growth has also led to steep rises in average rental rates across Dallas. To take advantage of the trend, which is expected to continue in the long term, many builders are cutting back the footprint of new apartment units to reign in costs for renters while accruing profit. Investors considering rental conversions on Dallas foreclosures may therefore take the additional space a conversion can offer over a new micro or near-micro unit apartment into consideration when setting rental rates.
Looking in Lakewood for Dallas Foreclosures
The East Dallas neighborhood of Lakewood is convenient to local amenities as well as transportation corridors to Dallas. Though Lakewood is slightly more upscale than other Dallas neighborhoods with a median property value of $392,900, Dallas foreclosure buyers may find opportunities in the area to rehabilitate foreclosed or distressed properties for the booming Dallas luxury market. In certain areas of Lakewood, apartments and condominium units are more prevalent than single-family homes, which may also introduce opportunities for rental conversion. CNN Money recently named Lakewood one of the best big city neighborhoods in the country.
Looking in Lancaster for Dallas Foreclosures
Investors and homebuyers who are looking for an area close to Dallas with more competitive home prices may want to look in nearby Lancaster. Located about 16 miles south of Dallas on I-45 S, Lancaster currently has a median single-family home list price of $86,500 and a median sale price of $94,981. Most properties available in Lancaster are single-family homes spending a median of 54 days on the market. This indicates that though prices in Lancaster have remained low relative to Dallas, the Lancaster housing market is experiencing a rising tide from Dallas real estate activity. Buyers forforeclosures in Dallas who want to assure a strong opportunity should look carefully and be prepared to act fast in this market.
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