Dallas, TX Housing Outlook for 2020
Dallas Housing Forecast for 2020 Mostly Positive
Home prices in Dallas, Texas have risen steadily over the past year. And they are expected to continue climbing through the end of 2019 and into 2020. That’s the latest housing market forecast for Dallas, issued by the real estate research team at Zillow. In October, the company stated: “Dallas home values have gone up 8.1% over the past year and Zillow predicts they will rise 4.5% within the next year.”
The median home value within the city itself was up to around $213,000 as of October 2019. The median price for the broader Dallas-Fort Worth-Arlington metro area was around $244,000 during that same month. The DFW metro area has experienced smaller price gains, when compared to the city of Dallas. The median home value for the DFW metropolitan area rose by 4.4% over the past year or so, according to Zillow. Regarding the broader metropolitan area, the company stated: “Dallas-Fort Worth-Arlington Metro home values have gone up 4.4% over the past year and Zillow predicts they will rise 2.6% within the next year.”
For both the city of Dallas and the surrounding area, the company has issued a more modest forecast stretching into fall of 2020. They expect to see smaller price gains for this housing market over the next year, compared to the gains recorded during 2018 and 2019. This outlook mirrors the real estate market forecasts being issued for the nation as a whole. The general consensus among many economists and housing analysts is that home prices in most U.S. cities will rise more slowly in 2020 than the past couple of years.
‘Increase in Housing Inventory’ Could Benefit Some Buyers
From an inventory standpoint, the Dallas real estate market is in better shape than many other major cities across the U.S. In fact, recent data show that Dallas currently has more available supply (homes for sale) than most other big cities. According to an October 2019 report from Texas REALTORS®, the local housing market has experienced an increase in inventory. That report also quoted Jim Gaines, chief economist with the Real Estate Center at Texas A&M University, who said: “In addition, new home construction will continue to pick up in markets such as Houston and Dallas, leading to an increase in housing inventory availability...”
