The demand for homes in Dallas is high, but “the inventory of homes for sale is still painfully low”, according to Thomas Randall of MarketWatch.
Prospective Dallas home buyers in the current market will often search for homes for months or years before giving up entirely – and for those who do end up finding a home, the two-bedroom homes in central Dallas are now being sold for $500,000 or more, according to Randall. “These same homes were valued at a fraction of this a decade ago,” he says.
All of a sudden Dallas is becoming a real estate mecca and the cost of living is still low. The possibility of purchasing a 2-3 bedroom home near downtown for under a half a million dollars will not exist in another decade or two like it does now.
Randall does note that Dallas has led the country in new home starts over the last 12 months.