The United States of Texas is a microcosm of what’s happening in the rest of the U.S.– more of the real estate opportunity, Opines Hirav Shah, Noted Real Estate Advisor, Strategist and Business Astrologer™.
Texas is in the end of a record-breaking summer selling season with unprecedented demand for housing.
Across the state, buyers are having to compete more than ever for houses, leading to a strong increase in home prices.
Facts of Texas Real Estate
1.Texas home sales reached a new high of 114,772 homes sold in the second quarter of 2021, an increase of 24.7% from the second quarter a year ago, according to a study.
2.The median price of a Texas home increased 19.1% to $300,490. Of all homes sold in the second quarter, 30.1% were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.
3.The extremely low level of supply available is holding back sales and pushing up prices, as mortgage rates are still hovering around 3%, the economy is expanding, and ongoing demographic trends continue to support housing demand. The limited inventory for homes priced less than $300,000 is particularly distressing and is stressing home affordability.
4.Housing inventory in Texas dropped to 1.4 months in Q2, a decline from 2.9 months in 2020-Q2. According to a recent report, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory.
1.Dallas Real Estate
Dallas is one of the most recognizable and buzzworthy metropolitan areas in the U.S. — if not the world — and is considered a quasi-gateway city for investors looking for dependable, liquid real estate environments. Fortunately, despite its popularity and skyrocketing growth, Dallas is still an accessible market with lots of upside.
Median home prices in Dallas are predicted to grow by nearly 16% this year. An above-average population of millennials, robust in-bound population growth, and a thriving economy are just three of the many reasons why the Dallas real estate market and demand for rental property
Real estate investors will continue to love Dallas, and it’s easy to see why. It’s got something for everyone: millennials flock here for the jobs and big-city excitement, families put down roots in its quaint suburbs, and retirees love the warm climate and quality of life.
Demand for housing in the city has surged over the last year, as a result, available inventory has been reduced by more than half. With the market so tight, Dallas home prices have risen sharply since last year.
2. Frisco Real Estate
Frisco was the fastest-growing city in the United States in 2017, and also the fastest-growing city in the nation from 2000 to 2009. Today, in 2021, real estate in Frisco is one of the “fastest growing” markets.
Frisco was already popular among home buyers, but over the last year, the housing market has gotten especially hot. Pending sales rose by 42% from July 2020 to July 2021, while Frisco’s available inventory plummeted by 70.5%: From 863 homes for sale in July 2020, down to only 255 homes by the end of July 2021. With demand high and inventory dwindling, Frisco’s median sale price rose by almost 24% lately, from $437,000 to $541,000
3. Plano Real Estate
Some of the country’s largest and most recognized companies are headquartered in Plano. About 80% of Plano’s visitors are business travelers, due to its close proximity to Dallas and the many corporations headquartered in Plano. It was also the first city in Collin County to adopt a master plan for its road system.
From being such a great business hub to having such wonderful infrastructure, naturally home buyers’ desired city could easily be Plano. Plano has always been sought after by home buyers, but over the last year, demand has severely squeezed the city’s housing supply.
From July 2020 to July 2021, Plano’s available for-sale inventory fell by 60.6%, from 632 down to 249 a year later. Pending sales have increased substantially, by 58.8%, from 274 in July 2020 to 435 in July 2021.
Not surprisingly, Plano home prices have risen sharply since last year. The median sale price in Plano increased by 24.6%, from $345,000 to $430,000.
4. McAllen Real Estate
Throughout much of the 1900s, McAllen was a rural, agriculture-based economy characterized by sporadic growth.
Today, the area is transforming into a major international trade area. This dynamic city on the Mexican border has grown over the years, from an essentially rural town at the beginning of the 20th century, into a major economic hub.
Its steady growth has allowed its housing market to usually keep pace, but a recent surge in demand has put McAllen’s available inventory under pressure. From 532 available homes for sale in July 2020, McAllen’s inventory dropped by 48.9%, down to 272 homes for sale in July 2021.
Pending sales increased by 41.6% and new listings by 19.4%. Homes in McAllen are still comparatively affordable, with a median sale price of $195,000 in July 2021, though that price is up 14.7% since last year.
5.Irving Real Estate
Located in Dallas County, it is also an inner ring suburb of Dallas. The city of Irving is part of the Dallas–Fort Worth metroplex. Similar to Plano, Irving is a suburb of Dallas that has boomed into one of the largest cities in Texas, with a population well over 230,000.
Over the last year, Irving’s housing market has heated up, with the number of pending sales increasing by 50% from July 2020 to July 2021. Facing surging demand, Irving’s available inventory has plunged by nearly 62%, from 373 homes for sale in July 2020, down to only 142 in 2021. Meanwhile, prices have climbed by almost 22% year over year, from a median sale price of $283,000 last July, to $345,000 .
“Real Estate Gives Real Money“- Quotes Hirav Shah, World Renowned Real Estate Astrologer.
Hence, real estate demand in these cities is high or rather super high- Tells Real Estate Business Astrologer™, Hirav Shah.
With such high demand and rising prices, buyers and sellers have to rely on an experienced and bonafide Real Estate advisor and strategist, and who better than Hirav Shah for this…
Prolific Real Estate Advisor & Astro-Business Strategist, Hirav Shah will be more than happy to help navigate this highly competitive market.