Warning: Good Dallas Housing Market News Ahead
Stagnating economic recovery. Congressional gridlock. A downgrade of America’s always-sterling credit rating. A Eurozone threatening to huff and puff and blow the entire global economy back into a deep recession.
How about some good news for change? Sure, why not.
Compared to most cities across the country, the Dallas housing market is doing, well, pretty darn good. In fact, according the Dallas Business Journal, we’ve got the second most sizzling housing market in America:
Dallas is ranked second in the nation for residential construction activity behind Houston in the value of privately owned housing constructed last year.
For those projects, Houston posted a collective value of $4.17 billion in 2010, according to data compiled by On Numbers, a feature of American City Business Journals , which is the parent company of the Dallas Business Journal. Dallas put up $3.87 billion worth of new privately owned housing in 2010, according to the data.
Houston and Dallas beat out New York City, the nation’s largest metropolitan area in terms of population, by constructing $3.05 billion of projects in 2010. The figures comprise central cities and their suburbs.
Not bad. As we’ve mentioned in the past, some of the residential construction activity can be credited to an upsurge in home remodeling and home renovation activity. Improving your existing house instead of looking for a new home is a great way to ride out the recession and wait for a more favorable housing market — contact us to learn more about Dallas home equity loans and Dallas home refinance loans that can get you the cash you need to start a home remodel.
Furthermore, Dallas will almost always be a favorable place for new home construction compared to many (more expensive) cities, thanks to abundant land and optimistic demographic trends. At Texas Lending, our Dallas home purchase loans can make it possible to build the home of your dreams.
Obviously, many homeowners across Dallas-Ft. Worth are still feeling the hurt — especially those trying to sell their homes. We’ve still got a long way to go before the home-selling in the Metroplex returns to normal levels. But this does indicate that brighter times are ahead.
“Of course, if reading a bit of good news has become so rare for you that it’s painful, don’t worry. Just focus on the fact that the Dallas housing market is second only to our rivals in—groan—Houston. (Or just check out one of our Houston home loan options to see what the top spot feels like.)