Dallas, Texas (JusticeNewsFlash.com) –
Although the housing markets across America are in a slump, Dallas is currently the most stable. According to the Office of Federal Housing Enterprise, “home prices in the Dallas area increased a steady 17% over the last five years, while the U.S. averaged an extreme 53.5% increase during the same time period.”
The Dallas Business Journal listed three reasons explaining why Dallas has its head above the water and all others are sinking. The first is that prices have remained stable because the availability of land and loose restrictions make it easy for builders and investors to come and go as the market fluctuates. Another reason for the strong housing marketing in Dallas is that there are still jobs available, which is not the same in places such as Arizona, Florida and New York. The Business Journal states that: “Texas is adding jobs at the rate of almost 250,000 per year and the Dallas metro area alone added more than 90,000 jobs last year, leading the nation as one of the top 10 cities in employment growth.” The final reason is simply the states’ location. It benefits from both Mexico and the United States.
City officials plan to keep tuning into what the buyers want and recently that has been condos and apartments. It serves dual purposes for both the young and old. For the young professionals, a one or two bedroom located near the downtown is what they need whereas parents whose’ children have gone to college or graduated, have the desire for a smaller living space too.
Dallas still has room to grow, according to the Dallas Business Journal: “the residential market, especially for condominiums, is still emerging: Dallas is the fourth largest city in the country, but only the 16th largest condominium market. Condominiums typically account for 7.7% of the housing stock in the top 50 U.S. markets. In Dallas, however, they represent only 4.4% of available housing.”
If Dallas stays focused and committed to the direction it is going with increasing the number of jobs, utilizing its lush land resources and prime location, it will only continue to grow.