So far this year, almost 1,400 million-dollar homes have sold in Dallas-Fort Worth. Of course, with North Texas housing values at record levels, more and more properties are making it into the million-dollar category. But D-FW's million-dollar residential market is in the bush leagues compared with high-priced West Coast markets, according to a new report by Lendingtree.com. So far this year, almost 1,400 million-dollar homes have sold in Dallas-Fort Worth. Of course, with North Texas housing values at record levels, more and more properties are making it into the million-dollar category.
But D-FW's million-dollar residential market is in the bush leagues compared with high-priced West Coast markets, according to a new report by Lendingtree.com. Dallas ranks 21st among the major U.S. markets with the most million-dollar homes. Just more than 2% of Dallas housing is valued above a million, Lendingtree found. Median single-family home prices in the area are about $270,000.
At the end of September, only about 1,500 million-dollar houses were listed for sale with real estate agents in the more than two dozen counties included in the North Texas market. So far in 2019, million-dollar home sales in this area have been flat after several years of double-digit increases.
Faced with higher property prices and piles of student debt, Americans are getting older and older before they buy a home.
The median age of first-time home buyers has increased to 33, the oldest in records dating back to 1981, according to a National Association of Realtors report released Friday. The median age of all buyers also hit a fresh record, 47, increasing for a third straight year — and well above the median age of 31 in 1981. While the median age of first-time home buyers only rose by one year, the increase reflects a variety of factors facing Americans searching for a home. A nationwide shortage of affordable housing, coupled with lower mortgage rates, has stoked prices in cities from the coasts to the heartland. At the same time, student loans and other debts make it harder for Americans to save tens of thousands of dollars for a down payment, while tight lending standards can make getting a bank loan difficult for borrowers with less-than-stellar credit scores. "Housing affordability is so difficult today, especially when coupled with rising rents and student loan debt, that they're finding different ways to enter home ownership," said Jessica Lautz, vice president of demographics and behavioral insights at the Realtors group in Washington. The characteristics of home buyers have changed in recent years. The share of married couples has declined as unmarried couples and those purchasing as roommates has risen. As buyers' ages have increased, so have their incomes. The typical income of purchasers rose to $93,200 in 2018 as a lack of affordable options squeezed lower-income potential buyers out of the market. Higher prices of homes have also changed how first-time buyers are entering the market. Nearly a third of first-time home buyers said they used a gift from a relative or friend to fund their down payment.
The 3,400-Acre Residential Community is Planned for Wise County
A huge residential development planned northwest of Fort Worth will have room for 10,000 homes. Dallas-based PMB Capital Investments has bought more than 3,400 acres of land for the project near the intersections of State Highway 114 and U.S. 287 in Wise County. Parts of the property are in the towns of Rhome and Newark. The property is known as the Rolling V Ranch. The sprawling development is expected to cost more than $3.5 billion to build by the time it's completed, making it one of the largest residential communities in North Texas. The property is west of the huge AllianceTexas development north of Fort Worth and Texas Motor Speedway. "PMB Capital partner Peter Pincoffs said in a statement. "This is a long-term bet on the demand for reasonably priced single-family homes in D-FW. "We are working hand in hand with city staff in Rhome and Newark on entitlements and infrastructure to serve the project and look forward to starting construction on our first phase in 2020." Home prices in the new development are expected to range from more than $200,000 to above $500,000. The developers plan to set aside 800 acres for open space and build a trail system around existing lakes, creeks and natural springs. The area north of Fort Worth has been one of North Texas fastest growing residential markets in recent years.