REAL BIG NEWS

Dallas-Fort Worth booms as No. 2 U.S. metro for new home construction in 2023

Three major Texas metro areas have the highest new home construction rates in the nation, with Dallas-Fort Worth right in No. 2.

Photo by Josh Olalde on Unsplash

Dallas already has one of the most active real estate development markets within the last decade and holds the crown for the most built-to-rent homes. Now, the Dallas-Fort Worth metro area has now earned the silver medal for the highest new home construction rate in 2023, according to a recent analysis by Chamber of Commerce.

The booming housing construction is just one way Dallas is trying to keep up with its remarkable population growth.

The June 2023 edition of the "Cities with the Most New Homes" analysis discovered that despite new home permits being down over 20 percent year-over-year from 2022, the Metroplex's housing market is still on the rise.

"Numerous factors such as limited inventory in the existing home market, high mortgage rates, and supply chain issues have created a bottleneck for new home construction," the report's authors said. "It remains to be seen whether new home construction will catch up with the current demand, but it’s clear that some cities are experiencing a building boom when it comes to new homes."

Over 20,600 new home construction permits have been issued for the metro area thus far, consisting of both single- and multi-family residential homes. Dallas-Fort Worth also ranks No. 2 with more than 12,700 single-family home permits issued this year, and 7,881 for multi-unit residential homes.

For reference, Houston landed in the top spot for the most single-family home permits, at 15,391. New York City ranked No. 1 with the highest multi-family home construction permits, totaling 10,155.

On average, 5,156 Dallas-Fort Worth home permits are being issued every month in 2023, which is also the second highest rate in the nation. In layman's terms, our real estate market is still hot.

The top 10 metro areas that have the highest new home construction in 2023 are:

No.1 – Houston
No. 2 – Dallas-Fort Worth
No. 3 – New York City
No. 4 – Phoenix
No. 5 – Atlanta
No. 6 – Charlotte, North Carolina
No. 7 – Austin
No. 8 – Orlando
No. 9 – Nashville
No. 10 – Los Angeles

The study analyzed data from the U.S. Census Bureau and the Department of Housing and Urban Development to determine the total number of new home construction permits issued in 2023 throughout 225 metro areas in the country.

The full report and its methodology can be found on chamberofcommerce.org.

reports real estate housing rankings

HAUTE PROPERTIES

Majestic $6 million estate in Texas Hill Country goes up for auction

Photo courtesy of JPM Real Estate Photography\u200b

The house sits on top of a drop-off.

A sprawling, 13-acre waterfront estate about two hours south of Dallas is hitting the auction block. Bidding on the Oxbow Overlook estate, just outside the Central Texas town of Belton, is scheduled to start February 13 on the Sotheby’s Concierge Auctions website.

The sale process will conclude February 28 when the estate is featured at ModaMiami, a luxury event hosted by South Florida’s Biltmore Miami-Coral Gables.

The property, at 8536 Armstrong Rd., is co-listed at $5.95 million by Debbie Stevenson of Kuper Sotheby’s International Realty. Bidding will start at $2 million to $2.5 million.

“This incomparable offering perfectly captures the essence of refined Hill Country living,” Stevenson says. “From its serene creekside setting and acres of privacy to its remarkable architectural details, Oxbow Overlook delivers a level of craftsmanship and lifestyle that is rarely available.”

Built in 2001 of native limestone and stone, the French Provincial-inspired main house boasts a 24-foot entry wall made of iron and glass, and a grand foyer crowned by a 31-foot copper dome ceiling. The ceiling hovers above an oak staircase with copper accents.

Oxbow Overlook estate Everyone who enters from the front door will be looking up.Photo courtesy of JPM Real Estate Photography

Other highlights of Oxbow Overlook’s nearly 7,000-square-foot main house include:

Six bedrooms
Five full bathrooms and two half-bathrooms
Seven fireplaces
Three laundry rooms
Wet bar
Eat-in kitchen
Elevator access to second story
Home office
Game room
Exercise pool with swim jets and spa
Outdoor kitchen
Covered and open patios
Coffered and beamed ceilings
Crown molding
Indoor and outdoor fireplaces
Generac backup generator

Oxbow Overlook estate Natural elements break up all the white.Photo courtesy of JPM Real Estate Photography

The property includes a separate 3,118-square-foot carriage house.

Oxbow Overlook is close to Belton Lake, Stillhouse Hollow Lake, Salado, and Temple.

“Designed to embrace its natural surroundings, creekside walls, and outdoor living spaces conform to the bluff’s natural curve, offering spectacular views across the property and showcasing thoughtful conveniences at every turn,” Sotheby’s Concierge Auctions says.

Photo courtesy of JPM Real Estate Photography\u200b

The house sits on top of a drop-off.

home for sale auction mansion belton hill country estates luxury