1800 Market Place #140, Irving, TX

405 Plantation Dr. Coppell, TX

469-215-7906

DFW Housing Crunch!

DFW, and a lot of the United States, is “house poor” (low inventory).

Currently in our area, the number of homes on the market is roughly 50% less than five years ago. Salt Lake City, Seattle and Nashville have dropped over 60% since 2012. This lack of homes is a dilemma for the people that would sell and buy now, perhaps looking to downsize or to size up. When there appear to be no (or very few) homes for them to buy, they hold fast and do not sell.

So, What is fueling the Crunch??

It’s population. Texas is gaining 1,200 people a day. Last year we added about 430,000 folks, and that’s the biggest population growth of any state in that year. And as we all can see, North Texas is getting its fair share. Major businesses continue to move to our area and this leads smaller business that do business with these giants to follow suit. Our jobs are attracting more and more people and these folks need a place to live! North Texas created 120,000 new jobs in the past twelve months and that set an all time record for any single metroplex (outside of New York City).

Many of these jobs are good jobs and people are ready to find a good home, or even invest in building one. So builders are scrambling to keep up but are losing the battle. Compared to the first quarter of last year, new home construction was up another 16%. Apartment building startups = twice as many in the first two months as last year.

In DFW, we’re seeing property values continue to climb as there are fewer homes on the market and demand is rising heading into the hot summer months. As these property values increase, so do taxes; these rises will lead to higher rent prices. All told, we are in for a crunchy Summer!!Screen Shot 2017-05-15 at 8.46.50 PM

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