It has been a record year for real estate in Southlake and the wider Dallas-Fort Worth Metroplex. Home prices have risen over 40% in the last five years, but they hit new heights in September thanks to a confluence of factors that have pushed DFW to the top of the nation’s hottest real estate markets.
According to Steve Brown at Dallas Morning News, “North Texas home prices rocketed 12 percent higher in September – the biggest year-over-year 2016 gain in what has been a record year for housing.”
In addition to rising prices, the number of sales is also increasing, which has kept housing inventory in North Texas at unusually low levels and demand at an all-time high. A record 78,154 houses in DFW have been sold since January, but listings have decreased 3% from last September as available homes get snapped up quickly.
Why are so many people moving to Southlake and Dallas-Fort Worth? It could be that Southlake was recently ranked the Top City for Texas Families. Or it could be Southlake’s proximity to DFW Airport, which has added to the city’s appeal as an air travel hub and attracted wealthy individuals and the business elite who prize the convenience of quick connectivity to the airport. Texas’ economic prosperity is certainly a large contributing factors to the unprecedented growth in the real estate market, with companies like Toyota and Liberty Mutual relocating their headquarters to North Texas and spurring a rise in luxury home sales across the Metroplex.