The end of 2018 is approaching, and you might be already starting to look ahead to the possibility of buying or building a new home in 2019.
With real estate being a constantly fluctuating market, it’s always good to consult with professionals for their week-to-week take on individual neighborhoods.
But if you’re wanting the broader context to decide if building or buying is right for you, here are a few things we know about where real estate in Northeast Texas has been in 2018 — and where it’s headed in the year to come.
Building is Bigger in Texas
We know that everything is bigger in Texas, so it should come as no surprise that the old saying holds true for building rates too. Remax ranks the Dallas-Fort Worth area as the nationwide leader in home builds.
Over the last 12 month period, there have been 35,000 new home starts in the area. That’s a 8.7% increase from the year before.
That building boom isn’t expected to slow down any time soon. With new developments constantly being announced in the DFW Metroplex and surrounding areas, it’s safe to say you’ll continue to see lots of options for buying into new neighborhoods.
However, Texas builders aren’t just building big. They’re also building affordable, with an emphasis on homes that might suit the needs of those looking for a simpler house. This holds true for all inventory on the market, which is part of why there was a dip in the median list price part way through 2018.
The focus on affordable builds has in part been in response to the fact that a lot of resell housing inventory for the past few years has been on the higher end of the price range.
There are only so many buyers for houses in that range, and as the high inventory of high end resell houses levels out, home builds continue to rise.
A Stable Market For the New Year
There are some indicators of some overall cooling in the real estate market, including houses staying on the market for a little longer compared to last year.
However, after the consistently heating up market and its associated rising prices over the past 5 years, a little time to cool down is actually not a bad thing. Many analysts consider this a sign that the market is returning to a more sustainable, steady place.
That stable growth paired with the affordability of living in Northeast Texas are one factor in DFW’s market to watch status holding steady headed into 2019.
It’s clearly a great time to be building a new home in Texas. When you’re ready to get started on yours, WillowTree is here to help!