The Dallas-Fort Worth area emerged from the Great Recession stronger than ever, and its progress is now being recognized by an authority in the U.S. real estate industry.
According to CultureMap Dallas, real estate database website Zillow recently named its top 10 housing markets to watch this year. DFW not only made this prestigious list, but was recognized as the third-best market in the entire country.
The #3 ranking places DFW behind only Denver, CO, and Seattle, WA on the list. Rounding out the top 10, in order, are: Richmond, VA, Boise, ID, Ogden, UT, Salt Lake City, UT, Omaha, NE, Sacramento, CA, and Portland, OR.
Several factors went into DFW’s impressive ranking, all of which reflect the region’s consistent growth on the heels of the Great Recession. Zillow noted that DFW is “a major tech town…making it ideal for job growth.”
DFW also possesses low unemployment and solid home value appreciation, in addition to strong income growth. Nationwide, members of Generation X account for 27% of all new home sales, and many young professionals are moving to DFW to take advantage of its burgeoning economy.
“As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns,” said Zillow chief economist Dr. Svenja Gudell.
“This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career,” Gudell added.
DFW’s high ranking is no surprise to anyone who has been following the region’s housing market throughout the past year. According to the Dallas Morning News, preowned home sales in North Texas hit an all-time high in 2015 with more than 90,000 single-family houses being sold.
Additionally, median home sales prices in DFW also reached a record-high last year. At the end of 2015, the median price for a home in the Dallas-Fort Worth area was more than $200,000, which marked a whopping 20% increase since 2007.
While pessimists may argue that there is nowhere to go but down for DFW, the region’s admirable ranking on this national list and continued economic growth are providing hope for those who wish to sustain this momentum.