Dallas-Fort Worth has been ranked as the second hottest housing market for the coming year in a recent report on housing market predictions for 2023.
In their annual Emerging Trends in Real Estate report, Urban Land Institute and PricewaterhouseCoopers found that several Sun Belt cities are expected to outperform the rest of the country. Nashville came out on top for the second year in a row, while the DFW housing market rose from 7th place to 2nd.
Many workers are attracted to Dallas-Fort Worth’s comparably lower cost of living despite having to pay the same high mortgage rates as in other regions. Combine large-scale inward migration with the city’s $2,363 median rent for single-family houses, and the DFW housing market remains a safe investment amid the nationwide housing downturn.
Keeping in line with build-to-rent trends seen this year, the report identified single-family rentals (SFR) as one of the country’s top development prospects for 2023, stating many builders are “receiving multiple calls each day” from SFR operators looking to hire them.
As a result of the pandemic-fueled switch to remote/hybrid work, many tenants have reevaluated what they want out of their rental properties. They want spaces that are bigger, more comfortable, and more private than their existing homes but still can’t afford to buy at current housing prices. Experts surveyed in Emerging Trends estimate that between 10 and 20% of the US office stock may need to be removed or repurposed to SFR to meet increased demand.
There’s still time before the start of the new year to place your bets on Dallas-Fort Worth and make an investment in North Texas. According to housing experts, the odds are in your favor.
More housing trend headlines
Housing market predictions for 2023 – Bankrate
Renters are now the majority in these four Dallas neighborhoods – The Dallas Morning News
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future – The Real Deal
