It's a booming market for master-planned communities in Texas, where nearly half of the 50 top-selling neighborhoods in the nation are located. The Dallas-Fort Worth area is not letting up, with six new communities making the list and painting a promising picture of the local housing landscape.
The gem among Texas developments is Sunterra in Katy, which took the third spot nationally, boasting an impressive 1,293 sales—a 63% increase from the previous year. This surge in sales could be partially attributed to an unusual strategy where home builders offered to partly shoulder the burden of interest rates for buyers. Tim Johnson of Land Tejas, the developer behind Sunterra, told Dallas Express, "In 2023, the willingness and ability of new home builders to offer interest rate 'buy downs' on their homes helped many buyers purchase a new home that they would not have otherwise been able to afford", according to The Dallas Express.
Despite a spree of market challenges that included soaring interest rates and supply constraints, RCLCO’s recent report suggests a rosy future for the housing market, forecasting a decline in mortgage rates coupled with stronger demographic trends.
However, with 2024 being an election year, the market's perception of the economy is expected to greatly influence home sales, according to Craig Martin, CEO of Tellus Group—a company that developed Windsong Ranch in Prosper, ranking 33rd on RCLCO's list. Martin cautioned, "The perception of the economy during an election year, the need to keep inventory levels sufficient to meet demand, and affordability challenges related to interest rates and home prices are all key items of concern to look out for in 2024", as per The Dallas Express.
Other Texas communities highlighted in the list include Bridgeland in Cypress and Mission Ridge in El Paso, among others. The report, spotlighted by the Dallas Business Journal, outlines that a broad range of housing types and amenities are key components of these master-planned communities, offering a package that seems to resonate widely with homebuyers.
