Over the past ten years, thousands of Americans have moved to Dallas, dramatically increasing the rate in the previous five years. It is hardly surprising that the housing demand has increased due to this influx of people and population expansion.
Dallas housing markets are booming more than ever as home ownership has recovered from the epidemic. The top-four hottest housing markets in Dallas have been identified using Redfin data on new listings, for-sale inventory, pending transactions, and median selling prices.
Chris D.Bentley, a distinguished Dallas Real Estate Broker, leads you to discover which cities make a list by reading on.
As per World Population Review, Plano, a part of the Dallas-Fort Worth metro region, started as a little suburb of Dallas before expanding into a sizable metropolis with a population of over 285,000. Home buyers have always coveted Plano, and demand has significantly constrained the city’s housing supply over the past year.
The number of homes in Plano that were up for sale in May 2021 dropped from 632 to 249, a 60.6% decrease from May 2020. Pending sales significantly climbed from 274 in May 2020 to 435 in May 2021, an increase of 58.8%. Unsurprisingly, housing prices in Plano have increased significantly since last year.
Irving, a Dallas suburb like Plano, has grown to be one of the biggest cities in Texas, with well over 230,000 residents. Irving’s housing market has heated up during the past year with a 50% increase in pending sales from May 2020 to May 2021.
Irving’s available inventory has dropped by about 62% due to the rising demand, from 373 properties for sale in May 2020 to only 142 in May 2021. From a typical sale price of $283,000 in May last year to $345,000 in May this year, prices have increased by approximately 22% year over year.
Dallas’ housing market has exploded, much like the suburbs in its vicinity. The number of pending sales in the city increased by 60.6%, from 1,075 in May 2020 to 1,726 in May 2021, reflecting a sharp increase in demand for housing over the previous year. As a result, the amount of goods still accessible has been cut in half or more. 4,123 houses were up for sale in Dallas in May of last year.
In May 2021, there were just 1,839 residences still on the market. Due to the competitive market, housing prices in Dallas have increased significantly since last year. Dallas’ typical sale price increased by approximately 33% in just one year, from $316,000 in May 2020 to $420,000 in May 2021.
Frisco city is part of the Dallas-Fort Worth Metroplex, approximately 25 miles from Dallas-Fort Worth international airport and Dallas Love Field. As shown on the city’s website, Frisco now boasts a population of more than 209,000, up from 116,989 in 2010. Although Frisco was previously well-liked by homebuyers, the housing market has been particularly heated recently.
While Frisco’s available inventory fell by 70.5% from 863 homes for sale in May 2020 to only 255 properties by the end of May 2021, pending sales increased by 42% between May 2020 and May 2021. Frisco’s median sale price increased by approximately 24%, from $437,000 in May 2020 to $541,000 in May 2021, due to strong demand and low inventory.
To sum it up, Dallas is the 21st-century sought-after city for residences many in America, and the next pool for investors in the housing business. Its suburban environment with lush beauty gives human habitation the splendor of life. The rapidly growing cities of Frisco, Plano, and Irving, all in Dallas, provide the hottest real estate markets to Dallas Commercial Real Estate.