The sizzling property markets of Austin and Dallas-Fort Worth are tipped to be the nation's hottest in 2024, with the National Association of Realtors (NAR) planting them atop their forecast for burgeoning housing demand. Amid a landscape punctuated by rising prices and competitive bidding wars, Texans in these metros might find themselves in an increasingly tight squeeze to land that dream home.
Lawrence Yun, chief economist at the NAR, paints a picture of a local housing market where mortgage rates, although not at their historic highs, continue to shape the playing field. In an interview with NBC 5 DFW, Yun pointed out that as companies converge on Dallas-Fort Worth, bringing in a slew of new residents, the price tags on homes show no signs of plateauing. "Let’s hope in a more moderate fashion with more adequate supply coming onto the market," he told the station, acknowledging the tightrope locals must walk amid the market dynamics.
While existing home sales nationwide are projected to leap by more than 13% in 2024, the situation in Texas buzzes with the promise of interest and demand. According to The Dallas Morning News, Houston also nabs an impressive sixth place in anticipated homebuying interest. The state's affinity for corporate relocations and robust employment growth serve as magnets for housing market activity, setting the stage for vigorous sales in these urban hotspots.
Despite a national median home price forecast to remain somewhat static, North Texas grapples with prices that hover near their peak. Even with a slight dip of 1-2% in the region, Dallas's narrative includes one of the steepest climbs in home prices over the past decade. "As more people move into the area and more companies relocate to the region, prices look like they are going to continue to rise," Yun said in his cautionary note to potential buyers, as reported by The Dallas Express.
Yun, while not promising a return to the rock-bottom mortgage rates of the past, sees a glimmer of hope on the horizon with the anticipated increase in housing inventory by around 30%. Such a boost, fueled by sellers finally entering the market after a hiatus, could spell relief for buyers hungry for options. But with a market still red-hot and wallets stretched thin, the quest for homeownership in Texas's premier cities is shaping up to be as challenging as ever.
