Great news for the Dallas Real Estate Market keeps on rolling in! Of course anything positive makes the Real Estate Agent inside of me so happy! We could use some more good news right now amid this Pandemic!
Not only are the number of home sales and home values hitting record highs in Dallas, but our Rental Market is booming for 2020! A commercial real estate and data firm, Yardi Matrix, ranks the Dallas Metroplex as the #1 market in the nation! New York City comes in at second place. This should come to no surprise as many families that relocate to DFW are from New York City or California. Many of them want to rent instead of purchase right away. Also, New York is full of apartments. So it makes sense to transition to a new city with something that feels familiar.
Yardi Matrix projects almost 20,000 apartments will be built across the Metroplex before the end of the year! Holy cow that is a lot of new apartment homes being built! Almost 1,900 of these were completed in Dallas in the first 6 months of the year.
The real estate market is almost split in half when it comes to home owners, and renters. About 49% of renters make up the market.
This is why when you drive around Uptown Dallas, Downtown Dallas, East Village, or along the tollways you will see massive structures being built. Those are most likely apartment buildings. Not just any apartments buildings, but breathtaking complexes with infinity pools, city views, a doorman, events, recreational games, and so much more.
Millenials make up a majority of these renters. I fit into both of those categories. With Dallas having so many well paying jobs, mortgage rates below 3%, and people flocking their cities due to political climates, many of these renters will only be part time. Meaning that they will convert to home buyers sooner rather then later. Which makes me happy! I love selling homes! 2021 will be a huge year for real estate! Perhaps one of the biggest!
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