North Texas Real Estate Prices on the Rise as Inventory Tightens

Are you interested in purchasing a home in the Dallas-Fort Worth region? If so, you will be happy to learn that the metro area is still one of the most affordable in the nation. If recent trends continue, however, it may become more difficult to afford to purchase a home in the region in the upcoming years. If you are thinking about buying a home in the region, there is no better time than now to do it.

Over the past three years, housing prices in Dallas have increased by 28 to 30 percent. This is largely due to the fact that the region is falling severely short in terms of inventory. In fact, most reports indicate that the Dallas-Fort Worth metro area is short tens of thousands of homes when compared to the current demand.

Typically, a shortage in inventory results in an increase in prices. While the Dallas-Fort Worth metro region has experienced an increase in housing prices, it is still one of the more affordable metro areas in the country. In fact, financial analysts report that approximately two-thirds of people can afford to purchase a new home in the region.

Rising Prices in North Texas

While North Texas is currently an affordable place to purchase a home, current data and trends indicate that this may not be the case for much longer. A recent S&P Dow Jones/Case-Shiller Home Price Indices report found that home prices increased by 9.3 percent when comparing March of last year to March of this year.

When comparing March figures to February figures, prices have increased by 1.8 percent. This represents a much faster rate that the national average, which saw home prices increase by just five percent when comparing March year-over-year figures. Given these figures, most buyers will likely be better off by purchasing a North Texas home now rather than waiting for the prices to move even higher.

Of course, for some who are interested in purchasing a home, there are some roadblocks that may be in the way. While home prices have increased by an average of five percent across the nation, personal income has only increased by 3.3 percent and wages have increased by just 2.2 percent during this same time period. Given these figures, it is easy to understand why some may be wary about purchasing a home.

Many interested home buyers are also struggling with saving the money necessary to purchase a home. With rental costs on the rise throughout the nation and within the Dallas-Fort Worth metro area, finding extra money to set aside for a down payment can be tricky. Fortunately, there are programs available to help those who are interested in purchasing a home but do not have a significant amount of money set aside for a down payment.

If you are interested in learning more about your home buying options or exploring available Flower Mound home opportunities, contact our team of experienced real estate professionals today.

Check out these Flower Mound homes priced from $450,000 to $550,000