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Dallas Real Estate Market Trends and Stats 2022

North Texas and Dallas Real Estate home prices show no signs of slowing. According to The Dallas Morning News, median house prices in November 2021 will be 18% higher than a year earlier. Only 8,200 single-family houses were recently offered for sale in a metro region with around 1.9 million single-family housing units.

An above-average millennial population, substantial in-bound population growth, and a booming economy are just three of the numerous reasons why the Dallas real estate market and rental property demand are on the rise.

Dallas is one of the most famous and buzzworthy urban regions in the United States, if not the globe, and is regarded as a quasi-gateway city for investors seeking stable, liquid real estate markets. Fortunately, despite its growing popularity and rapid expansion, Dallas remains an accessible market with significant potential.

Researchers studied the figures thoroughly to have a better understanding of what makes this North Texas town such a bright beacon.

Dallas Real Estate Market Trends and Stats 2022

Increasing Population

The Dallas-Fort Worth metro region’s population continues to grow, and it is currently the country’s fourth-biggest metro area, up from the sixth position in 2010. DFW, along with Houston and New York City, was one of just three metros to acquire at least 1.2 million inhabitants since 2010.

Key Population Figures

  • Dallas has a population of over 1.3 million people in the city and a population of more than 7.6 million in the metropolitan region.
  • According to the latest recent census, the population of the City of Dallas has increased by around 9% in the last ten years.
  • Dallas is Texas’ third biggest city and the country’s fourth-largest metropolitan region.
  • Dallas County, as well as Collin, Denton, Kaufman, and Rockwall counties, are major counties in the Dallas metro region.
  • Since 2010, the population of Dallas suburbs, including Collin and Denton counties, has increased by moreover 36%.
  • Dallas-Fort Worth might have the country’s largest population increase this decade, with a roughly 18 percent increase by 2029.
  • Dallas has a median age of 35.2 years, with 43 percent of the population between the ages of 20 and 49.
  • Dallas has a per capita income of $36,274 and a typical household income of $72,265.

Job Opportunity

While most of the rest of the country is still battling to recover, Dallas remains an employment center. Indeed, DFW is the nation’s top job market, owing to strong employment growth and in-migration. According to The Dallas Morning News, Dallas ranks well in key labor metrics such as net migration, college degree holders, employment gains and growth, and working-age population growth.

Key Employment Figures:

  • According to the Federal Reserve Bank of St. Louis, the GDP of the Dallas-Fort Worth-Arlington, TX MSA is about $535 billion and has increased by more than 57 percent in the previous ten years.
  • According to the BLS, employment growth in Dallas-Fort Worth is 5.6 percent year over year, with roughly 3.9 million people working in the metro region.
  • Dallas median household income climbed by more than 4% year on year, while median property prices soared by more than 6% in the last year.
  • Dallas now has a 3.9 percent unemployment rate (as of November 2021), with the manufacturing, commerce and transportation, professional and commercial services, and leisure and hospitality sectors exhibiting the most signals of new development (BLS).
  • Building design and construction, firm headquarters and operations, food production, IT services, logistics, and telecommunications are all target industry sectors in Dallas.
  • The top five employers are Baylor Scott & White Health, Texas Health Resources, Lockheed Martin, University of Texas Southwestern Medical Center, and Medical City Healthcare.
  • Nearly 87 % of Dallas inhabitants have a high school diploma or above, and more than 36 percent have a bachelor’s or advanced degree.
  • Dallas’ transportation infrastructure consists of four main interstate roads, two commercial airports, and many mass transit systems.
  • Dallas/Fort Worth International Airport (DFW) is the second biggest airport in the United States, larger than Manhattan Island.
Dallas Real Estate Market Trends and Stats 2022

Dallas Real Estate Market

The National Association of Realtors (NAR) ranks Dallas as one of the top ten markets in a post-pandemic scenario in 2021-2022. It’s simple to understand why, given recent housing numbers. According to the most current Texas Real Estate Research Center study (Nov. 2021), single-family house prices climbed by more than 18% year over year, while months inventory fell from 1.3 to 1.0 months supply.

Dallas Real Estate Key Market Statistics:

  • Dallas’ Zillow Home Value Index (ZHVI) is $290,564 until November 2021.
  • Dallas home prices have risen by 20.0 percent in the last year.
  • Dallas property prices have soared by more than 78 percent in the previous five years.
  • According to the most current Texas Real Estate Research Center study, the median sales price of a single-family house in Dallas is $360,000. (November 2021).
  • Dallas’ single-family median sales prices have risen by 18.1% year on year.
  • Single-family houses in Dallas are selling about 14 percent faster than a year ago, with days on market (median) at 62 days.
  • Year over year, active listings of single-family homes in Dallas have declined by 26.06 percent.
  • According to the most recent Realtor.com data, Preston Hollow is the most expensive neighborhood in Dallas, with a typical house listing price of $1.7 million.
  • Pleasant Grove is Dallas’ most cheap neighborhood, with a median listing price of $195,000.

Dallas Real Estate Renters’ market 

Most Dallas communities are seeing growing property prices, resulting in one of the hottest real estate markets in North Texas.

According to the Dallas News, low mortgage rates and frantic demand from in-state purchasers and out-of-state real estate speculators are driving up property prices by 50 percent in some of Dallas’ most popular areas. Dallas’ high housing prices, rising population, and booming employment market are three of the reasons why the demand for a rental property in Dallas could continue strong in 2022.

Key Market Statistics:

  • According to the most current Zumper data, the median rent in Dallas is $2,360 per month for a three-bedroom property (December 2021).
  • Year over year, rents in Dallas have risen by 18%.
  • In Dallas, renter-occupied households make for 44 percent of all occupied housing units in the metropolitan region.
  • Cockrell Hill, Five Mile Creek, and Preston North are the cheapest areas in Dallas for renters, with monthly rates of $1,000 or less.
  • Victory Park, Coronado Hills-Gastonwood, and Uptown are the most expensive areas in Dallas, with average rentals reaching $8,000 per month.

Price Increases in the Past and Housing Affordability

With so many housing markets in the United States, real estate investors may find it challenging to select the finest locations for single-family rentals.

Historic house price movements and housing affordability are two data sets that experienced rental property owners use. Price rises enhance property values and equity over time, yet housing affordability is a measure of how suitable a city like Dallas is for single-family rentals.

Freddie Mac releases a monthly house price index report (FMHPI) that updates the short- and long-term trends of home prices in all major U.S. markets.

Freddie’s most current FMHPI for the Dallas-Fort Worth-Arlington, TX MSA reveals:

  • HPI for October 2016: 175.2
  • HPI for October 2021: 267.1
  • Change in house prices during five years: 52.5 percent
  • Change in house prices over a year: 19.8 percent
  • Change in property prices per month: 1.3 percent

Experienced real estate investors also research housing affordability to estimate existing and future demand for rental property. Affordability analyzes the yearly income required to buy a median-priced property in Dallas.

Kiplinger, a business forecasting and personal finance newspaper produce a housing affordability analysis for the top 100 metropolitan regions in the United States. Affordability is rated on a scale of 1 to 10, with 1 being the most inexpensive market and 10 marking the least affordable.

According to Kiplinger’s estimate of Dallas home affordability:

  • Dallas house prices have climbed by 53.3 percent from the last real estate cycle market top in May 2006.
  • Dallas home prices have risen by 80.4 percent from the last real estate cycle market bottom in March 2012.
  • Dallas has an affordability rating of 5 out of 10, indicating that housing affordability in the market is in the middle, which helps to explain the city’s high ratio of renters.

Quality of life

Dallas real estate prices are still shockingly cheap, the employment market is strong, the cost of living is reasonable, and the city has an incredible cultural scene. When you consider that Texas has no state income or inheritance tax, it’s simple to see why so many people and businesses are relocating to Dallas.

Key statistics on quality of life:

  • According to NerdWallet’s cost of living calculator, the cost of living in Dallas is around half that of big coastal cities like San Francisco and New York.
  • According to Forbes, Dallas is the second greatest place in the United States for business and careers.
  • According to U.S. News & World Report’s most current research, Dallas is among the greatest areas in the country to live and retire. News & World Report
  • Dallas has an “A-” overall score from Niche.com, with high marks for family living, public schools, multiculturalism, and nightlife.
  • Dallas is also listed by Niche as one of the best cities in America for young professionals.
  • Cottonwood Creek South, Heights Park, Coppell, and Canyon Creek South are among the best places to reside in the Dallas region.
  • According to U.S. News, both singles and families are flocking to the area, with young professionals settling in the city and young families settling in the neighboring suburbs.
  • Dallas’ cultural landscape includes the Downtown Art District, the Dallas Symphony Orchestra, and the State Fair of Texas, which began in 1886.
  • The Texas Rangers, Dallas Mavericks, NHL Dallas Stars, and the Dallas Cowboys – reported to be the World’s Most Valuable Sports Team worth $5.5 billion – are among the professional sports teams in Dallas.

Final Thoughts

Dallas is popular among real estate investors, and it’s simple to understand why. It has something for everyone: millennials come for the employment and big-city excitement, families settle in its charming suburbs, and pensioners appreciate the mild environment and high quality of life. If you are planning to move to Texas, Steve and Mary Doane will make things easier for you in searching for your next home!

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