North Texas is home to one of the hottest housing markets in the country.
Dallas is leading most of the U.S. in home price gains. In the first few months of this year, the DFW area ranked # 3 nationally in increased home prices, trailing only to Denver and San Francisco, but easily beating Houston and New York. Zillow says prices in the Dallas area will continue to climb in 2016, increasing an estimated 6 % by the end of the year. I don’t believe a lot of what Zillow says, but I actually think this will be true! All this suggests that 2016 will be another record year in The Hottest Dallas Real Estate Market ever!
In the last 5 years, North Texas home prices increased 43.3%, which is a first in Dallas-Fort Worth history. The housing market is on fire and all the corporate relocations are driving the boom. The stream of Fortune 500 company relocations to North Texas should continue as we still have lots of available land.
The Plano and Frisco markets alone are spurring much of the growth. Toyota North America is building a 2-million-square-foot campus on a 100-acre site, while Liberty Mutual Insurance and JPMorgan Chase are coming to the $3 billion Legacy West development. Just down the road in Richardson, State Farm and Raytheon are setting up in the $1.5 billion CityLine development…and let’s not forget Jerry World in Frisco, due to open next month.
Why are so many companies moving here?
Texas is one of 7 states that does not have individual state income tax. This is HUGE. This means thousands of dollars in the pockets of employees. Another reason big business is flocking to DFW is generous tax incentives and tax abatements. These are determined by a company’s fiscal impact, employment numbers and positive impact to the community. For example, the State of Texas offered a $40 million tax incentive to Toyota.
Plano and Frisco are great places to live and the Cost of Living Index is almost a 1/3 lower than other major corporate hubs. Additionally, our public school system is highly ranked, which is another reason homes are selling in these areas.