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Home » Texas » Dallas Real Estate » Communities1. Fort Worth
This year has been named one of great opportunity in the Fort Worth Market. New communities, schools and parks highlight this growing area outside of Dallas. Through February 2006, the real estate inventory was high with over 1000 homes available on the market. This was down 2% compared to same period in 2005, but still very high. Through February, 250 homes sold, with the average sales price hovering around $147,652.
Home sales in Northeast Fort Worth were up 9% in 2005 with 2,159 homes sold. The average price per home in 2005 was $149,524, a 6% increase over 2004. Existing homes and new construction provide surprising choice of homes for buyers. The total sales volume for 2005 was $322,822,312, 16% higher than 2004.
2. Grand Prairie
Grand Prairie is a thriving city located conveniently between Dallas and Fort Worth. Grand Prairie provides a quick commute to the Dallas/Fort Worth International Airport and has access from I-20, I-30, and Highway 360. It offers many dining and entertainment options, parks, shopping, theatres, Joe Pool Lake, and much more. Many attractions that are just a short drive away include Ameriquest Field, which is the home ballpark for the Texas Rangers, and also Six Flags Over Texas Amusement Park and Six Flags Hurricane Harbor. Plenty of new construction and existing homes await those wanting to move into this booming area.
3. Addison/Far North Dallas
The average sales price of a single family residence in Addison/Far North Dallas rose by 2% in 2005 over 2004 to $321,061 and at the same time the average number of days on the market fell by 87% to 55. During January 2006, Addison/Far North Dallas saw house sales increase by 18% to 65 at an average sales price of $342,475, a 5% decrease over 2005. The average days on the market increased by 69% over the previous year to 100 days, however there is no indication that the real estate market in 2006 is not going to be as buoyant as before. Inventory is lower than the norm so those looking to sell should get their house on the market.
Addison/Far North Dallas is a great place to buy investment property. Demand for rental property increased in by 11% in 2005. Investors from out of state are buying homes in the greater Dallas area because they represent good value, provide an income stream and are an alternate form of investing to Mutual Funds and Stocks.
4. Park Cities (Highland Park and University Park)
In February 2006, the Park Cities area saw 42 homes sold for an average selling prices of $1,040,948. Sellers received an average of 97% of their listing price. Homes had been on the market for an average of 64 days. The lowest sale price was $87,000, the highest $3,265,000. The average price per square foot was $323.48. This is considered one of the strongest markets in the Dallas area.
5. Irving
There were 74 single family homes sold in Irving, Texas in February 2006. The average sales price was $188,310. Right now there is a slight bias to the seller, due to the low inventory of homes for sale. Advisors recommend that buyers get to know the neighborhoods of Irving as many homes in this area are expected to be hitting the market soon.
6. Arlington
Arlington is a very active real estate market. New homes are being built at a record breaking pace. Pre-owned homes sales are also very strong. There are approximately 2,500 active listings in prices ranging from $3,500 to $2,750,000. There were over 2,600 homes sold in the last six months with an average selling price of $149,068 and a median price of $129,900. In 2006 alone, houses have sold for a median price of 156,706 which is a 6% increase over last year. The number of homes sold is up 2% over last year at this time. Homes spend an average of around 65-75 days on the market in Arlington. Mortgage rates have increased but are still at a very attractive level along with a good economic outlook which should support a strong real estate market. Rates are expected to continue increasing; the timing however is somewhat unknown.
7. Carrollton
The average sales price of single family residences in the Carrollton area rose by 5% in 2005 over 2004 to $171,717. At the same time the average number of days on the market fell by 2% to 55 days even though there were 2% more properties sold. Prices of single family homes showed only a small increase in 2005. With a median price of $152,000 homes in Carrollton still represent good value. Condo and Town home sales rose by 30% in 2005 and the median price prose by 18% to $122,000.
During January 2006, Carrollton saw house sales stable at 101 sold at an average sales price of $161,715, a 1% increase over 2005. The average days on the market for these homes were a 4% decrease from the previous year at 68 days.
8. Plano
Excellent location has Plano homes selling quickly; inventory has come down drastically form last year. Properties are selling for 98% of the seller’s list price. Appreciation has jumped some in 2006, climbing 4%. In certain neighborhoods, homes almost never stay on market for more than 30 days. However despite the high interest, you can still find a good deal for your money.
9. Denton
Denton offers on of the areas more diverse markets, with a wide range of housing options available. A limited number of condominiums and townhouses can be found in the $100,000 range in developments such as Mulberry Creek and Wooded Acres. Many three- and four-bedroom contemporary homes are available in neighborhoods such as the Estates of Forrest Ridge, Shadow Brook Place, Lakeview Ranch, Hunters Ridge and Montecito del Sur. Single-family detached homes can be found for just under $100,000, though prices range up to $400,000. For luxurious estates featuring swimming pools, media rooms, vaulted ceilings and gourmet kitchens, prices start close to $600,000 and can reach up to $2,500,000.
10. Garland
The market in this area is in a growth mode. A large amount of new developments are under construction creating a lot of homes from which to choose. Home prices range from first time buyers to large executive homes on golf course lots and waterfront.
11. Rowlett
Rowlett’s enjoys immense popularity throughout the metroplex, leading to it experiencing a 91% growth rate since 1990. One of Rowlett's biggest assets is its number of exemplary schools at all levels. This diverse community on Lake Ray Hubbard offers something for everyone. There are several properties on the market that would still make it somewhat of a buyer's market; however the prices seem stable and report show that properties stay on the market for around 90 days if priced competitively.
Sources
http://realtytimes.com/rtmcrstate/Texas
http://en.wikipedia.org/wiki/Dallas_Fort_Worth_Metroplex
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