For many residents of North Texas, one of the biggest lifelong goals is being able to own a home. However, this goal now seems much less attainable compared to previous generations.
Following the crash of the housing market 11 years ago, renters are the top people who are obtaining housing in the United States. One reason for this is all of the lingering effects of the housing crisis itself, but there are also other factors to take into consideration, such as:
*Shifting employment opportunities
*Economic/housing market fluctuations
*Smaller sizes of households
*Higher down payments
*Increasing interest rates
Developers and residents alike are being affected by the change in the market, and all of them continue to try to remain ahead of all of the evolving demands. Additionally, new residents are moving to the state of Texas from other various locations throughout the United States, and as a result, it’s doubling the national average rate.
Currently, the median price for a new home in North Texas is approximately $350,000, while the median price for an existing home comes in at approximately $250,000. Both of these numbers are a 60% increase from where prices sat at their 2010 recession lows, which does spell good news for North Texans looking to buy a home in the near future.
Thank you for visiting the Harrell Property Group’s blog, a Fort Worth real estate firm. If you are looking to move to the Fort Worth area, contact one of our realtors today!