Continued growth, low interest rates and a slow but steady rise in inventory levels are supporting a strong real estate market throughout the North Texas area.
For the last 18 months, existing home prices in the Dallas area have been on the rise. While gains continue, the rate of price increases is starting to slow. Practically everyone that purchased property in Dallas a year ago has already earned unrealized equity.
In Dallas, we’re finally starting to see a slight improvement in inventory levels. Right now, there’s a 2.6-month supply of homes—still low, considering that a 6-month supply is balanced—but it’s an improvement over a historic low of 2.1 months in January.
In the northern suburbs of Plano, Frisco and McKinney, demand continues to outpace supply thanks to several corporate relocations underway and on the drawing board.
Meanwhile, in the downtown Dallas area, the luxury high rise market has risen as high as the buildings themselves. Many suburban homeowners are downsizing in space while upgrading their everyday lifestyle to be in the city.
As for Museum Tower Dallas, demand continues to grow as more homes are sold each month. In fact, more families have purchased homes at Museum Tower Dallas than at any other luxury high rise in the city. With over 35% of the building sold, the community of Museum Tower Dallas is continuing to grow strongly and steadily, much like the overall real estate trends for the entire Dallas market.
For more specific information about the Dallas real estate market, check out the article that ran in the New York Times.