There is no sign of the real estate market slowing down! Interest rates for a mortgage are still super low, and Dallas is still one of the hottest real estate markets in the nation! Being a Real Estate Agent in this market is keeping me on my toes!
The average home price in Dallas is over $350,000 for a single family home for the first time in history! Fastly approaching the $400,000 mark! Wows!
This might come to no surprise as inventory being at record lows is pushing this number higher every month. Yet, the home you can get for that amount is still very lack luster. Many of these homes being considered "fixer uppers". $350,000 doesn't get you a lot of home in Dallas. This is why the suburbs are so popular to out of state buyers who want a little more bang for their buck while still enjoying the suburban lifestyle. Yes, you have to commute further to work, but you get a lot more home.
Many of these neighborhoods centering in North Texas. Making commute times longer with more congestion on the roads. This is why builders are looking for other parts of the Metroplex to start developing. Like Mesquite and Forney which is just East of Downtown Dallas. A quick 20 minute commute.
Builders like Ashton Woods, one of the countries biggest home builders, just purchased a 344 acre tract in Forney near HWY 80 where they will build over 1,000 new single family homes. As part of a 2,000 acre mixed use development in the fast growing Gateway development East of Dallas.
Other well known home builders like Highland Homes, David Weekley, and Tri Pointe Homes already have thousands of homes under construction in this booming area East of Dallas. Not only because the price to live here is very reasonable with homes in the mid $300's to $400's, but also because it is only 20 minutes from Downtown Dallas. Is a boom coming to East Dallas?
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