In terms of quality of life, employment and cost-efficient living, North Texas is unquestionably one of the most attractive real estate markets in the entire country, and this is not expected to change anytime soon.
Dallas, TX (PRWEB) November 15, 2013
Prudential Texas Properties reports that something special has been cooking in Texas, and we’re not talking about the delectable aromas wafting from smokers in the backyards of homes across the Lone Star State this autumn. No, this is a movement that has been going on for more than a season, more than the last few years and really even more than a decade, it is the magnificent North Texas real estate boom. A recent Time Magazine piece titled “Why Texas Is Our Future,” looks into why one million more U.S. citizens have relocated to Texas from other states since 2000 than have left the area, and what this indicates both for population growth and the real estate market at large in what Time has accurately dubbed “America's fastest-growing large state.”
With Time reporting that 106,000 U.S. citizens had moved to Texas in 2012 alone and that three Texas cities—including Dallas—are among the top five fastest-growing cities in the nation, the ramifications for the North Texas real estate market are obvious: If migration continues, more inventory will be needed, more jobs will be allocated to create more construction, and North Texas home values should continue to rise as demand continues to grow. If further proof is needed that both this economy and real estate market are headed in the direction of upward growth, one need look no further than the median list price for Dallas homes of $324,900 for the week of November 4th, according to real estate analytics company Altos Research. While down from all-time market highs of closer to $350,000 reached in early July, this number is still up more than $50,000 on the average home from where the market began at under $275,000 in January of 2013.
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Furthermore, a slew of North Texas cities—including Frisco, Plano and McKinney—have been constantly ranked as among the country’s fastest-growing cities over the past decade-plus by the U.S. Census Bureau and reports from MSN Real Estate and have seen home values rise exponentially as commerce becomes centered around these growing North Texas hubs. Case in point: A November 1st state projection saw Frisco’s population at 135,920, which was a six-figure increase over the less than 35,000 residents living there in the year 2000. Additionally, Altos’ median list price of $416,936 for Frisco homes as of November 4th was up from about $290,000 from Altos’ earliest coverage of the area in late 2010.
So why is North Texas growing so rapidly? As the Time article points out, there are still plenty of opportunities for low-cost living around major economic hubs in the Dallas-Fort Worth area. Furthermore, the economy is booming here in many sectors thanks in part to what Time refers to as “a less regulated climate in which to do business,” which is in no small measure a byproduct of Texas having no state income tax. And a year-round climate of warm weather in addition to all these financial and residential perks is not exactly a deterrent in terms of home buying incentives.
Says DD Flynn, VP of Marketing with Prudential Texas Properties: “In terms of quality of life, employment and cost-efficient living, North Texas is unquestionably one of the most attractive real estate markets in the entire country, and this is not expected to change anytime soon.”
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