As the population of the Dallas-Fort Worth metro area continues to grow, so does the need for housing. One of the primary ways to address this: Build more homes.
The region appears to be on the right track for addressing the booming demand.
A new report from Realtor.com puts the DFW at No. 22 among the top 25 new-construction metros in the U.S.
To develop the list of the top new-construction metros, Realtor.com looked at four factors in each of the 100 largest U.S. metros:
- Newly constructed homes as a share of all listings.
- New-construction premium. That’s the percentage difference between a median-priced new build and a median-priced existing home.
- Climate risk difference. That’s the percentage difference in average flood, fire, air quality, wind, and heat risk between new builds and existing homes.
- “Hotness” of the new-construction market, based on Realtor.com pageviews per listing and median time on the market for new builds.
Sun Belt markets dominate rankings
Of the top 25 metros in the Realtor.com report, 20 are in Sun Belt states.
“New construction is one of the most important ways to expand the supply of homes available to buyers, but the opportunity is not evenly distributed across the country,” Joel Berner, senior economist at Realtor.com, said in a release.
“This year’s ranking shows that Southern metros are not only building more homes; they are also creating conditions where buyers can find newly built homes at prices that compete with, and in some cases beat, existing homes,” said Berner.
Dallas joined Texas’ three other major metros in the top 25:
- San Antonio-New Braunfels, No. 14
- Austin, No. 16
- Houston, No. 20
More reasons for homebuyer optimism
The greater Dallas area is home to some of the hottest real estate markets in the country - especially the suburbs of Frisco, McKinney, Allen, and Denton
Dallas also fares well when it comes to new-home prices. In a recent Realtor.com analysis, the DFW metro ranked eighth for the largest share of builders slashing prices on new homes. Austin landed at No. 5 and San Antonio at No. 3 among the 100 largest U.S. metros.
The Realtor.com rankings arrived as Dallas-Fort Worth nears the prime time for homebuyers to score a deal. A recent report from real estate brokerage Redfin found mid-September reigns as the best time for homebuyers to land a deal in North Texas.
Adding to the attractiveness of buying a home in DFW: Personal finance website SmartAsset recently ranked Texas as the 18th best state for under-35 buyers.
