With the new year quickly approaching, you may be wondering what the Texas real estate industry will look like in 2021.
The Dallas/Fort Worth area has been virtually unscathed by the pandemic in terms of the housing market, and the demand has more than skyrocketed throughout the last few months. We’ve seen a huge spike in real estate sales despite the economic recession that is felt worldwide throughout the last year. Thanks to the housing market in our area, billions of dollars are being pumped into the economy.
So, what will the new year bring? Continue reading to learn about our real estate industry predictions for 2021 below.
Texas Real Estate Industry Predictions for 2021
Over the last few years, the housing market in Dallas and Fort Worth has been an excellent and profitable choice for homeowners. Even during the pandemic, the Texas real estate industry has managed to remain profitable and even boom. But does it have what it takes to continue into the new year? Let’s take a deeper look:
Dallas and Fort Worth Property Values Will Continue to Increase — The pandemic has not slowed the increase of properties in the Lone Star State, and we predict that in 2021, that won’t change. Over the last year, home values have appreciated by 5%, according to Zillow. While this is a bit lower than the national average, things are looking as though they will continue to get better and better.
We expect to see properties in Fort Worth and Dallas appreciate more than 6% in 2021. Moreover, the most sought-after neighborhoods bear Dallas, such as Lake Highlands, Cedar Crest, Preston Hollow, Oak Lawn, and Old East Dallas, will continue to increase in value and become even more sought after.
Renter Population in the Dallas/Fort Worth Area Will Likely Increase — With home values increasing, affordability is something to keep in mind. Because prices are higher, many people in the area will be inclined to rent rather than buy. Current home prices are slightly higher than average (the median list price in Texas, according to Realtor.com, is $420k, making the price per square foot close to $215) while the national average is $345,500) which may be enough to discourage renters from becoming to homeowners.
As property values and prices increase through the next year, the Texas housing market will likely see an increase in renters. This is an exciting possibility for investors that will probably see higher occupancy rates for their rental properties.
Contact Texas Sell Now
With the increase of property values in the Texas Real estate industry, now is a great time to sell your home.
If you want to sell your Dallas or Fort Worth home but don’t want to deal with the headaches and hassles of traditional listings? Sell your house to Texas Sell Now! We want to buy your home in its current condition for cash. That’s right — no time-consuming cleaning or expensive repairs; we want your house as-is. Not only that, because we do not require financing, we can close on your schedule in as few as seven days. Contact us to get your cash offer today!