Why New Homes in Dallas are in High Demand
As with any type of real estate market, there are ups and downs with the inventory and demand. When the crash of the market hit about five years ago, new home demand dropped and nearly became non-existent. With such a high inventory of existing home, new homes were just not in demand. Recently, the demand has started to change and many new homes are being constructed in the Dallas area.
A recent article in The Dallas Morning News stated that the custom home industry has recently started to grow. This isn't specific to those buying lots and building new homes, but talked more about the tearing down of old property and replacing it with new property. These are called "tear-down sites" and developers are purchasing them, demolishing the old home and putting up a "new generation of homes", according to the article.
It may seem strange to tear down an existing home right when the market is turning around. However, builders know the industry and they know new custom homes are in high demand. They know prospective homebuyers in Dallas are looking for new homes more than they were five years ago. With such a shortage of new homes in the area, many builders are trying to fill this shortage.
This might bring fear to those thinking Dallas is going to become a home to a large number of cookie cutter neighborhoods, but many custom builders are not just throwing up homes. They are actually taking the time to create custom homes different from other areas and from the one next door. These homes are quite different from the older cottages being replaces and the new homes come with features, such as swimming pools, higher ceilings and large garages.
Many believe this is a sign that the Dallas luxury real estate market is starting to turn around. Regardless of whether this is the truth or not, one thing is for sure. The real estate market is finally turning around, especially in North Dallas areas, such as McKinney and Frisco. Home prices are remaining affordable and many new buyers have entered the market.
Luxury Homes for sale in Dallas Tx
Luxury Homes for Sale in Dallas TX
NTREIS data last updated March 28, 2024.
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