All signs point to Dallas as a leader in the deep-South real estate market for 2023. While Dallas made many top listings, the National Association of REALTORS (NAR)Ⓡ led the charge. When the NAR speaks, market watchers listen. This year, the organization predicts that the Dallas-Ft. Worth area will outperform most other metros as the year progresses.
If you’re relocating for work or making an address change for other reasons, take a closer look at what Dallas offers. If the 2023 Dallas real estate forecast is any indication, this cosmopolitan city of the south is an ideal place to call home.
Prime time for homebuying in Dallas
Landing a spot on NAR’s list of cities to watch isn’t easy. With hundreds of metro areas across the country as competition, a city has to perform very well to capture attention. The NAR compiles its list of cities to watch by assessing a specific set of criteria, including these and more:
- Housing affordability.
- Increase in housing inventory.
- Prevalence of remote work.
- Job growth.
- Population influx.
Affordable housing on the rise
If moving is on your “to-do” list for 2023 and Dallas is on your radar, you’ll be pleased to know it’s a good time to buy a home there. As mortgage rates rose in 2022, it had the expected effect of cooling down the market. Fewer buyers meant a drop in prices. And even though mortgage rates are dropping, their peak was so high that the decrease isn’t enough to heat up prices again.
Dallas is also experiencing a rise in price reductions. When homeowners don’t see enough interest from buyers, they’ll often reduce the price of their home. For prospective homebuyers in Dallas, this presents an opportunity to purchase homes at prices that reflect a market that’s stabilizing from pandemic highs.
Job growth and remote work
Dallas landed a top spot on another 2023 real estate forecast: The Urban Land Institute named the Dallas-Ft. Worth metro region as its No. 2 market to watch, behind Nashville. Along with fellow “Super Sun Belt” markets San Antonio and Houston, Dallas recovered from the pandemic more quickly than comparable cities across the nation. Quick recovery leads to more job growth and a general return to opportunities.
A big plus for current and prospective Dallas residents alike: Jobs are plentiful. So plentiful that Dallas was among the nation’s top cities for job growth in 2022, and the trend is expected to continue. Job growth is a sign of higher production and consumption — in other words, a healthy local economy. Unemployment in the Dallas area is lower than the state’s average, adding another layer of appeal for new residents.
The professional, scientific, and technical sectors saw a significant employment increase. Leisure and hospitality came in a solid second, offering a wide range of jobs for workers across multiple demographic groups.
Domestic migration is a crucial factor contributing to thriving employment in Dallas. The pandemic spurred an exodus from expensive metros like New York and Los Angeles to more affordable urban areas in the South. Workers relocate to Dallas both for locally based jobs and remote positions with companies outside the city or state.
A thriving culture
While most Americans know Dallas for its football legacy and its oil production, Dallas’ cultural offerings stand out in the deep South, providing endless options for a lifestyle big on entertainment and enrichment.
The Dallas Arts District is vibrant and bursting with options, including dance, music, art, symphony, parks, hotels, eateries, and more. Near the city center, adults and children alike will marvel at plants and animals in the many ecosystems of the Dallas World Aquarium. Nearby Fair Park offers an array of cultural happenings, from symphony to pro basketball to community events.
Beyond having a wealth of eateries led by well-known head chefs such as the affable Today Show favorite Curtis Stone and Food Network star Amanda Freitag. That’s the short list of celebrity foodies with a presence in Dallas, which Bon Appetit designated Restaurant City of the Year prior to the pandemic. But here’s a surprising cultural fact: Dallas is known for its gas station cuisine! Whether you live in Dallas or are planning a move, you’ll appreciate getting the best taco in the city while fueling up your car.
Moving to Dallas
The 2023 forecast for Dallas is very promising. It’s looking like a buyer’s market could emerge, allowing buyers more of that coveted bargaining power they lost during the pandemic. Job growth is strong. A vibrant arts district rounds out the city’s offerings. A city with high employment numbers and a buyer-friendly real estate market — that’s an ideal combination.
Whether you’re a current resident looking to make a change of address in the city or a soon-to-be transplant from another city, it’s helpful to know what to expect. Now that you know Dallas is one to watch; it’s time to get moving.