Dallas, TX (PRWEB) April 07, 2014
In the year ending in January 2014 and the month itself, Texas ranked No. 1 in the nation for job growth. A recent report by The Dallas Morning News cited data from the U.S. Bureau of Labor Statistics, which found that the state gained 33,900 jobs in January and 322,400 for the 12 months ending January.
Texas’ unemployment rate also dropped from 6 percent December to 5.7 percent in January, far below the nation’s rate of 6.6 percent.
“When other states are losing jobs, Texas is adding them. Major corporations continue to look at North Texas as an ideal location for their headquarters as well as small businesses who see the rapid population growth here,” DD Flynn, VP of Marketing at Prudential Texas Properties, says.
Job growth is obviously playing a big role in the growth of the real estate market in Dallas, which has shown big signs of life since the end of February. According to Altos Research, a California-based real estate analytics company, the 90-day average median single-family home value in Dallas was at $307,406 March 21.
However, the seven-day average went from just more than $297,000 in the end of February to nearly $352,00 March 21. Demand for homes in Dallas continues to climb as well, according to Altos’ Market Action Index, which measures the conditions of a market to determine if it favors buyers or sellers with a neutral value of 30.
In Dallas, the index is marked at 36.87, noting a strong seller’s market that continues to trek upward. Ever since the start of the year, the index has generally been moving further into seller’s territory, and with the spring market just on the horizon, that trend will likely progress.
“Demand is high in Dallas, but unlike some other markets, buyers aren’t blown out of the water here,” Flynn continues. “Home prices are appreciating, and they will continue to do so, but the market has been balanced enough so that sellers don’t have a stronghold on the reins.”
The Dallas-Fort Worth area is a massive urban sprawl that will embrace growth unlike some other major metro areas that have no where to expand.
Click here for a 60-second Dallas home market update.
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