North Texas continues to be one of the hottest real estate markets in the country! Homes are flying off the market within days of hitting the MLS. However, we are not able to keep up with the demand. Not only with used homes, but with the output of new construction homes.
The latest census shows that growth of new homes in North Texas has had a smaller percentage gain since the Great Recession over a 10 year period since 2010.
This large slowdown in housing growth is due much in part to home builders going broke, workers getting laid off, and thousands of homes going into foreclosure when the “Real Estate Bubble” crashed in 2007. Residential home construction not just in North Texas, but nationwide has never fully recovered from that disaster.
Evan Brassell of the Census Bureau’s said, “The total number of housing units in the United States grew by 6.7% between 2010 and 2020 — approximately half the rate of growth during the previous decades.”
“In absolute terms, the nation’s three most populous states had the largest increase in housing units: Texas (1,611,888), Florida (875,770) and California (712,059),” Brassell said. “Texas saw the biggest change in absolute terms but was fourth largest by percentage growth since 2010.”
While single-family home starts this year are up 40% in DFW, home builders are still not able to keep up with all the families relocating here. Even with all the land opportunities in North Texas for mega builders like Toll Brothers or David Weekley to purchase. There simply isn’t enough man power to pump out tens of thousands of homes. Which is what we need.
As a Top Dallas Real Estate Agent, I sell a lot of new construction homes across Dallas, and the surrounding suburbs. So many of my clients are relocating to Texas for the first time, and want a new home where they can pick out everything they need. Every year I have more and more clients like this. I am more than happy to assist them, but I need the inventory to be able to give it to them.
Experts say that this continual lag in new construction home starts will continue into 2022 and 2023. The increases will be smaller due to new obstacles that builders face from the global pandemic. Inflation of supplies being one of the main issues. Call me for all your buying and selling needs!
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