Housing prices across the Dallas & Fort Worth regions continue to skyrocket with unprecedented growth, fueled with growing demands. As the momentum of large companies moving to the DFW area continues to accelerate, the incoming population growth is driving up prices steadily. According to the latest Case-Shiller report, prices have increased 9% year-over-year in North Texas. And over the course of the past five years, home prices in North Texas have increased by an astonishing 43.3%!
“It is absolutely unbelievable to be apart of this sustained and rapidly-growing housing market right now. In just the past 6 months, we’ve seen an increasing pressure on builders to increase the production rate, as we try and keep the supply of new homes in line with the increasing demand” commented Ryan Cole, COO @ Serene Global.
Despite some home buyers anticipating a slow-down in growth and hoping for price increases to subside, there is no sign of such. As material and construction costs for builders continue to rise, these costs are being passed through to consumers to allow for builders to maintain their profit margins. Supplies for single and multi-unit homes continue to remain short and the increasing rainfall in north Texas in the past 2 years has contributed to delays in construction.