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Guide to the Dallas Real Estate Market

While much of the rest of the nation continues to swoon from declining conditions, the Dallas housing market has actually begun to get back on track. Notable increases have been witnessed in both seller and buyer activity in the greater DFW Metroplex. Currently, the market is leaning toward a buyer's market due to a combination of a large inventory and low interest rates.

Although new housing construction has struggled in some of the suburbs, increases in inventory and sales are being noticed. It is anticipated that Dallas will show a record sales year in comparison to the previous year, which is certainly good news indeed.

Prices for homes in the Dallas area have remained relatively low especially when the size of the city is taken into consideration. At the beginning of last year the median cost for single family homes was just above $147,000. This is in comparison to $207,000 as a national median for metro areas, making Dallas an affordable real estate market for residents and those relocating to the area as well.

Consumers will find that the Dallas market offers not only affordability but space as well. The average home in Dallas hosts more than 2,300 square feet. The combination of space and affordability is a benefit that may well be difficult to locate in other markets.

In terms of the resale market, Dallas metro home buyers will find that they are in a position to negotiate sales prices, contributing to the presence of the strong buyer's market. On average, most buyers in the area are able to negotiate about 97% of the asking price; which is quite good considering the prices which range around the rest of the country.

Rent for Dallas apartments and homes across its 385 square mile area tends to vary; however, due to high vacancy rates rents do tend to remain quite affordable. On average, one bedroom units as well as studios can be located in the city for rents ranging between $500 and $600 per month. For a few hundred dollars more per month, a two bedroom unit can be easily located.

As the largest metropolitan area in the south central United States, the DFW area is home to the highest concentration of corporate headquarters. As a leading marketing, finance and business center, the area continues to serve as a draw for employees who are relocating to the numerous companies housed in the area. Job creation is expected to continue to increase, which means that it is likely that even more people will be moving into the area. This should fuel the sale of homes, despite the market conditions in the rest of the country.