and it’s not going out anytime soon...
The DFW area recently took the #4 spot in Realtor.com’s top 20 hottest housing markets in the country and the numbers are showing it! Home prices have shot up by more than 40 percent during the last five years, and just two months ago, we saw prices jump by 14 percent – one of the largest year-over-year gains ever for our area.
May’s strong home sales and price spike is going to put a lot of pressure on DFW’s housing market, which is already stretched to its limits, with more buyers than sellers. While the area's average is somewhere around the 1.4 months, some suburban markets, including The Colony, Richardson, Bedford, Hurst, Carrollton and Farmers Branch, have under a one month supply of houses listed for sale.
Homes are being built as quickly as possible, but as a younger crowd flocks to our city for its economic growth, most are not in the price range where inventory is needed most — the entry-level market. In addition to the low inventory, tight lending standards and rising home prices have created a tough market for former homeowners, who lost property during the housing crash.
So what does this mean for residential property investors? A strong demand for more moderately priced homes has set the North Texas rental market on FIRE!
As of May 2015, the average apartment rent within 10 miles of Dallas, TX was $1512, with one-bedroom apartments going for an average of $1241 a month, and two-bedroom apartments averaging $1725.
If you already own properties in the area, seeing numbers like this is a rental investor’s dream come true! But with the hoards of new residents piling in, weeding through potential renters can be overwhelming at best. If you’re looking for more freedom and better returns, Red Team Property Management works hard to ensure you’re getting the best rent as our market continues to change, as well as fostering the right tenant fit – protecting your investment. Contact us today and start seeing results!
Best Rents + Great Tenant Fits = VALUE!
Educating for REAL Greatness,
Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.