The Dallas residential real estate forecast for 2021 is expected to experience a good year. At this time, given previous trends, historic data, and current trends, the Dallas Texas residential real estate market will mostly benefit homeowners, sellers, and existing property investors. (But, it might not be as beneficial to people entering the market.) Read on to learn more about the forecast for the 2021 Dallas residential real estate market.
The Dallas residential real estate forecast for 2021 is shaping up to deliver a fairly strong performance. Right now, economists and real estate analysts expect home values in 2021 to increase by an impressive 6.6% over the course of the year. This, after enjoying a rise of 7.5% in appreciation in 2020.
Right now, the average home price in the Dallas area or Dallas-Fort Worth-Arlington Metro area stands at $270,757. Should the predictions come to fruition, that will rise to $288,626 by the end of 2021. (By comparison, home values have almost steadily increased year after year in the metropolitan area. For instance, the average property value in 2011 was $145,000, reaching $191,000 five years later in 2016, and growing to $252,000 by the start of 2020.
Although, one critical factor remains unknown — the impact of distressed properties or foreclosures and short sales — which have been almost completely absent through most of last year.
Regardless, 2021 should still see an increase in property appreciation, so it’s highly advisable for interested buyers to take action as soon as possible.