Dallas is one of the best-run cities in America and was among the quickest to recover from the housing crisis. Now it can add another accolade to its list: Big D is one of the country's top three boomtowns.
Realtor.com analyzed projected job creation, household formation and new construction, and five-year projected household growth by ZIP code to come up with its top 10 list. The Dallas ZIP code 75201 is ranked third in the country, behind Gilbert, Arizona (85297), and Los Angeles, California (90012).
Households in 75201 are forecasted to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country.
Not only that, but Realtor.com points out that this Dallas ZIP code is a magnet for millennials. Encompassing downtown, Uptown, the Arts District, and Dallas Farmers Market, the area boasts attractive parks and trails, shopping, restaurants, and proximity to major employers. Urban condos, lofts, and townhomes are popping up everywhere.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” says Jonathan Smoke, Realtor.com's chief economist. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”
If we have the space, building would be smart. Housing inventory is down this year, and buyers are scrambling to find their next ideal home, which would preferably be located in 75201, it seems.