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

Million-dollar homes

Multi-million-dollar gated home community The Preserve rises in Frisco

Preserve

A palace on the prairie of The Preserve in Frisco

Construction has begun on a multi-million-dollar custom home community in Frisco. Called The Preserve, it's situated among PGA Frisco’s championship golf courses and near the Omni PGA Frisco Resort, with multiple phases that will roll out over the next few years.

The Preserve is part of Fields, a 2,500-acre development in North Frisco off the Dallas North Tollway. Fields is co-developed and owned in partnership with The Karahan Companies, Hunt Realty Investments alongside investors Chief Partners and Cross Tie Capital.

The development will feature retail, dining, entertainment, hotels, corporate offices, native Texas plants, flowers, trees, and 250 acres of park space. It's designed by the same team responsible for Plano’s Legacy West, led by Fehmi Karahan.

Phase 1 of The Preserve will feature 233 homes crafted by 10 North Texas luxury homebuilders: Alford Homes, Coats Homes, and Starside Builders have all begun home construction. The other seven are The Preserve Bella Custom Homes, Endurance Homes, Faulkner Perrin Custom Homes, Hawkins-Welwood Homes, Shaddock Custom Builders & Developers, Sharif & Munir Custom Homes, and Ventura Custom Homes, for whom construction will start soon.

The Preserve Frisco The Preserve in Frisco, soon to be covered with homes.The Preserve

Lot sizes range from 6,800 square feet to more than an acre. Home design options will incorporate high ceilings, open floor plans, glass walls, and seamless transitions between indoor and outdoor such as patios, infinity pools, and landscaped exteriors.

The surrounding area will have more than 2,000 new trees plus views delivered via design elements such as floor-to-ceiling windows and expansive outdoor living areas.

Many of the homes will address sustainability, health, and wellness with green architecture, energy efficiency, water conservation, and recycled building materials.

It will combine the privacy of a gated community with resort-style living, featuring amenities such as the PGA golf courses, 20+ miles of hike and bike trails, and the exclusive Brookside Club with an expansive swimming pool, state-of-the-art fitness center, tennis and pickleball courts and a playground.

Prices will start at $3,500,000.

Hunt Realty SVP Todd Watson calls it one of the most anticipated mixed-use projects in the area -- æa perfect location for discerning buyers seeking their forever home or a secondary residence" — although he's involved with the project so he's probably biased.

“As part of the Fields development, with prominent neighbors like PGA of America and the Omni PGA Frisco Resort, we know The Preserve will be one of the most sought-after addresses in North Texas," Watson says.

According to the Frisco Economic Development Corporation, Frisco’s population has increased by 500 percent in two decades and was recently recognized as the fastest growing city in Texas and third across the U.S.

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