So, you decided to move to the Dallas/Fort Worth area, and your plans include buying your Texas dream home. Be prepared, the DFW housing market is becoming competitive, most likely due to the affordability of homes in the area.
The average home will receive up to 3-4 offers and sell within 27 days, and homes in “hot” neighborhoods will typically sell on average for 3%-4% over asking price and within 14 days. According to Redfin.com, the median sale price of a home in the Dallas Fort Worth area is $400,809.
The Dallas/Fort Worth Rental Market
If buying a home isn’t for you at the moment, and you are looking to rent, here is some information to consider.
- Median Rent for a 3 bedroom – $2360
- Rent in Dallas has increased 18% over the last year
- Renters account for 44% of households in the metroplex
- Affordable Neighborhoods for Renters:
- Cockrell Hill
- File Mile Creek
- Preston North
- Most Expensive Neighborhood for Renters:
- Coronado Hills – Gastonwood
Continued Growth and Demand
One thing is for sure, as more people discover what Dallas/Fort Worth has to offer, the housing market will continue to become more competitive and housing cost will continue to grow. With something for everyone, big city living and quite suburbs wrapped with a warm weather and relaxed life style, it’s no wonder why you chose North Texas as your new home!