After recovering from the effects of Covid since July of the pandemic year, the Dallas property market has been doing fantastic (two years ago). Single-family home demand has grown since the second half of 2020, although supply has lagged. According to the Texas REALTORS® review report for the previous year, the number of house sales in Texas and the median price achieved all-time highs for the seventh consecutive year. The demand for housing hit an all-time high, and we can point out countless instances of multiple bids, including houses that attracted dozens of offers and sold for much more than the asking price.
Statewide sales of homes increased by 6.2 percent to 416,853 units in 2021. At the end of the year, the housing inventory was reduced to 1.2 months from the end of 2020. The Texas Real Estate Research Center states that a supply and demand balance market has 6.0 to 6.5 months of inventory. The median home price increased by 15.7% to $300,000 from the previous year. However, in this article, Chris D. Bentley shares the latest trends in Dallas, Texas.
Increased Home Sales
Dallas real estate is selling like hotcakes this year. In fact, according to The News, house sales in September were 27% higher than in the corresponding month last year. Due primarily to low mortgage rates, the statistic is a part of a continuous rise in house sales during the COVID-19 epidemic. Luxury real estate brokers know the trend, and properties are selling quickly.
At present, the flood of people from California, Illinois, New Jersey, and New York is the biggest problem. The increase in out-of-state purchases is to blame for this tendency. People are either downsizing or upsizing when looking for a house in Dallas. Luxury home purchasers are either downsizing because they no longer want to maintain their more significant properties or enjoy more room. High-end customers, however, appear to be affected by epidemic life in terms of design and facilities. Everyone wants a pool, and buyers seek home offices, at-home gyms, or fitness rooms.
Work from Home Lifestyle
Homes that are being developed will surely accommodate a work-from-home lifestyle, which is another trend. Every home will have an office and a study, and outside space will be used more frequently. Luxury home purchasers are drawn to particular aesthetic components. Additionally, this trend has revealed that many purchasers come from California, and everyone wants a pool and an office.
Demand for Finished Homes
Another trend is that, instead of purchasing a home to remodel, families are prepared to pay extra money to have an upgraded, finished home. Because mortgage rates are cheap, individuals prefer this kind of home and are prepared to spend more for a completed home. The buyers desire natural light, and they’re still drawn to the current trends of neutral, earthy colors and all-white interior design. There are homes with white exteriors and striking black windows that they are also considering. Darker tones are replacing the formerly trendy brass interior decor.
Families are increasingly choosing five-bedroom houses, which can blame growing families or the need for a guest room. Given that the epidemic has relieved many people of the necessity to live close to their places of employment, younger luxury home buyers are relocating to be nearer to their extended families. Overall, the market inventory is limited, and properties are selling quickly. Good homes are selling exceptionally rapidly as long as they are priced reasonably.