Solid foundation

Dallas housing market poised to be among top 10 in U.S. for next 3-5 years, report says

The median price of a single-family home in DFW is $261,000.

Paul Bradbury/Getty Images

For the next several years, Dallas-Fort Worth should truly be “Home, sweet home” for homeowners.

On December 11, the National Association of Realtors released a report identifying DFW as one of the 10 U.S. home markets expected to outperform over the next three to five years. No other Texas metro areas showed up in the top 10.

The National Association of Realtors picked DFW and the nine other metro areas based on factors such as population growth, job growth, appreciation of home prices, and housing affordability.

“With a median area income of more than $57,000, Dallas is attracting young, millennial couples looking to settle down and start a family,” the Inman real estate website notes.

The Realtors association found, for instance, that 51 percent of the recent movers among current and new DFW renters could afford to buy the typical home in North Texas (with a 20 percent down payment). The MetroTex Association of Realtors reported the median price in October of a single-family home in DFW stood at $261,000, up 4 percent versus the same time a year earlier.

By comparison, the median home price in the Austin metro area was $327,500, up 7.4 percent over a one-year span, according to the Austin Board of Realtors.

“Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” Lawrence Yun, the national association’s chief economist, says in a release. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”

In alphabetical order, the top 10 home markets for long-term performance are:

Charleston, South Carolina
Charlotte, North Carolina
Colorado Springs, Colorado
Columbus, Ohio
Dallas-Fort Worth
Fort Collins, Colorado
Las Vegas
Ogden, Utah
Raleigh-Durham-Chapel Hill, North Carolina
Tampa-St. Petersburg, Florida

home-for-sale lists

GP News

Grand Prairie expands to the south with new master-planned community

Rendering courtesy of Provident

Goodland Grand Prairie

The City of Grand Prairie is growing fast and expanding to make way for a new master-planned development south of US Highway 287 and along Tollway 360, in Ellis and Johnson counties.

The community development, called Goodland, is the result of Grand Prairie’s recent 1,500-acre annexation extending its southern border toward Mansfield. Overall, with the added land, Goodland will be a 5,000-acre site featuring 15,000 residences including townhomes, custom homes, and gated communities for 50,000 residents.

According to a release, it will be a “city within a city” and a 45-minute drive from Dallas-Fort Worth. Beyond housing, there will be shops, restaurants, schools, public and private event venues, regional sports fields and complexes, dance halls, churches, trail systems, city parks, ponds, and preserved green spaces.

“This is a significant step in our city’s development,” says Grand Prairie Mayor Ron Jensen in a statement. “Unlike many of our neighboring cities, we have the unique advantage of new development opportunities to our south that will drive the growth and prosperity of our city. We recognized the opportunity and took decisive action.”

Leading the development is Provident, a Dallas-based real estate firm that has created other master-planned communities across Dallas-Fort Worth, such as Preston Hollow Village and Hillstead in Collin County. Provident has plans to work nature into the space design with more than 1,600 acres of creek corridors and floodplain land.

Plans are ongoing for a centralized mixed-use walkable Town Center, complete with civic buildings and other commercial development. Further south on the property near Highway 67, light industrial uses and other private employment campuses are already underway, projects that will contribute vital tax dollars for city growth and future expansions.

“This level of placemaking is quite rare, and certainly not easy to execute, especially in a brand-new community," says Provident Managing Director Rylan Yowell in a statement. "We are committed to a long-term vision with a desire to be good stewards of the land."

A new four-lane road called Goodland Parkway will link Goodland to Grand Prairie at Tollway 360 and US Highway 287. It's set to open by December 2025.

openings