It seems no matter who I chat with these days, the conversation always hits upon the hot temperature of the housing market. As sellers are seeing their houses sell quickly (most of the time over asking), buyers are chomping at the bit to buy homes.
I’ve experienced this first hand as, after a house nearby went on the market on a Saturday night, I was notified by my realtor that Sunday afternoon. We immediately went to visit the home and saw at least four other realtor cards on the kitchen counter.
After the tour, my fiance and I decided to move fast and put in an offer. With several thousand over asking and the offer of earnest money, we submitted the offer with bated breath.
Due to the competitiveness of the market, we didn’t get it. And you better believe I’m still checking the contingency status on Zillow every day.
This was a few weeks after we fell in love with a house on Zillow and, upon walking up to the door for our showing, the realtor came out and let us know the owners had just accepted an offer. Rats!
Anyway, the demand for houses is piquing the interest of housing construction, as cities (or towns, villages, what have you) and construction companies are both wanting to expand housing. More people equals more money, you know how it goes.
StorageCafe has consistently seen a rise in the Dallas metro area, and decided to assess the country’s 50 largest metro areas and rank them by new real estate construction.
“Mainly supported by a strong job sector and a healthy economy, the residential sector in Dallas has seen amazing growth,” researchers say. “Not only did the pandemic not slow the market, but 2020 and 2021 saw the highest numbers of permits issued for new single-family homes in the entire decade—44,000 and almost 50,000, respectively.”“America’s real estate landscape is constantly evolving, with every major city across the U.S. having seen its fair share of real estate development in the last 10 years,” researchers continue.
StorageCafe’s analysis looked at new construction in single-family, multifamily, self-storage, office retail, and industrial sectors among the 50 largest metro areas. The research covers the span of 2012 to 2021.