In 2018, the total number of homeowner households hit an all-time high of 76.2 million. 36.6 percent of households rent their homes and 64.4 percent buy their homes (2018 U.S. Census Bureau). As of this writing, there are 3,143 single family homes for sale in Dallas, TX on Zillow. Additionally, there are 691 single-family homes for rent in Dallas, TX. Under potential listings, there are about 62 foreclosed and 147 pre-foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
DALLAS FORECLOSURES AND BANK-OWNED HOMES As per the Dallas foreclosure data by Zillow, 0.2 homes per 10,000 are in foreclosure. The percent of delinquent mortgages in Dallas is 1.3 percent, which is higher than the national value of 1.1 percent. Many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Dallas homeowners underwater on their mortgage is 5.7 percent. In October 2019, the number of properties that received a foreclo- sure filing in Dallas was six percent
higher than the previous month and two percent higher than the same time last year.
the nation in the next year, in terms of annual home value appreciation. Dallas real estate appreciated 59.88 percent over the last decade, which is an average annual home appreciation rate of 4.8 percent, putting Dallas in the top 10 percent nationally for real estate appreciation, according to NeighborhoodScout’s data.
fundamental levels for a sustained period, according to a report by Florida Atlantic University associ- ate dean Ken Johnson. Home prices in Dallas are still appreciating but at a decreasing rate, suggesting that the current upward pattern in property appre- ciation is nearing an end.
DALLAS HOME PRICES TRENDS
Dallas home prices have been on the rise in the last 10 years. In fact, over the last six years, three- bed- room homes in Dallas have appre- ciated by 45 percent. Strong economy has buoyed home prices in Dallas beyond their
DALLAS HOME PRICES AND REAL ESTATE APPRECIATION At the start of 2019, the median home price in Dallas was around $201,000, a gain of more than 13 percent from a year earlier, according to Zillow. The Dallas housing market predictions for 2020 are pointing to a steady rise in home values. In fact, the Dallas real estate market is expected to outperform
MEDIAN PRICE TRENDS - DALLAS, TX
SOURCE: ALTOS RESEARCH
MEDIAN PRICE FOR DALLAS, TEXAS Updated 3/17/19
A bubble is not likely but a signifi- cant slowdown in home price increas- es is most likely, according to James Gaines, chief economist with the Real Estate Center at Texas A&M Univer- sity. He said that the things may slow down in Dallas, but it would take a major economic event to do that. The university study isn’t the first to warn of a home price correc- tion in the Dallas area. But other reports by CoreLogic and Fitch Rat-
ings have said North Texas home prices are overheated. As the home prices in Dallas con- tinue to rise faster than the national average, however, there is clearly a cooling trend taking place. But if the inventory continues to grow in the Dallas real estate market, it will likely lead to smaller home price gains in Dallas in the future. And that’s probably a good thing. When home prices rise at a much
faster pace than local wages and income, it can create affordability problems. So, a cooling trend could actually be beneficial at this point. While you still want to get the most for your money, if you are looking to make a profit, you don’t want to buy the most expensive property on the Dallas real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, a turnkey
INVESTOR REVIEW :: 7
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