It’s essential that real estate investors get to know the areas where they plan on buying property. The most successful investors gain a knowledge of the local market by looking at population trends and upcoming business needs in order to make smarter investing decisions.
Recently, Dallas has become a hot real estate market with plenty of opportunities for investors. The booming population and growing businesses that are looking to thrive in the area make it an attractive option for those who are looking to buy a Dallas investment property.
If you are interested in finding new real estate markets or are considering purchasing Dallas investment properties, check out the Dallas real estate facts below.
6 Facts to Know About the Dallas Real Estate Market
Dallas is an International Hub
Dallas has two airports: Dallas/Fort Worth International (DFW) and Dallas Love Field (DAL). The Dallas/Fort Worth International airport covers 17,207 acres, making it larger in size than Manhattan.
In addition, DFW is also the highest-capacity commercial airport in the world and the fourth busiest airport in the U.S. Between these two airports, there are about 2,000 daily flights, making Dallas an international hub for travelers of all kinds.
Business in Dallas is Thriving
In 2015, CEO Magazine named Texas the #1 state for doing business. The U.S. Chamber of Commerce Foundation has also ranked the city of Dallas as the most efficient metropolitan region when it comes to starting a business.
So it should come as no surprise that 18 Fortune 500 companies, 12 of Forbes top private companies, and about 40 Fortune 1000 companies call Dallas home. The thriving business climate makes the city attractive for both business owners and job-seekers.
Employment in Dallas is on the Rise
With many businesses moving into the area, employment is also on the rise in Dallas. In fact, in October 2015, the Bureau of Labor Statistics reported that the professional and business services sector in Dallas showed a 5.1% rise in employment since October 2014. This makes Dallas a great city for those looking for employment.
Overall, the job market in Dallas has been much better than other popular metropolitan areas of the same size. With an increase in young professionals migrating to the area comes a boom in the need for housing.
Dallas Has a Relatively Low Cost of Living and High Wages
In addition to the rise in employment, many business professionals and other individuals are drawn to the Dallas area for its higher wages and relatively low cost of living in comparison with other major cities. In fact, Forbes once named Dallas one of the top 10 cities with the highest income when adjusted for cost of living. As more and more out-of-state residents begin to recognize that they can get more for their money in the Dallas area, they have begun to look at Dallas as a potential new home.
Dallas’ Population Continues to Increase
Whether people are coming to the area for work or want to make their home in a fun, thriving city, the population of Dallas is on the rise. According to a 2014 Texas Relocation Report, more than 584,000 people moved to Texas from out of state in the previous year, making Texas one of the most popular states for out-of-state residents.
In addition, a 2014 Texas International Homebuyers Report showed that home purchases from international homebuyers had reached an all-time high. With this population increase comes a rise in both renters and homebuyers.
DFW is Ranked #1 by Real Estate Investors
In a 2015 survey of about 1,500 real estate executives, Dallas-Fort Worth was ranked as the number one area for commercial property investment. This is due to the area’s booming and diverse job market, as well as some recent corporate relocations, which are bringing both other businesses and individuals into the area.
All the factors that are drawing businesses and job-seekers to Dallas open up an excellent opportunity for Dallas real estate investors. Not only will businesses be looking for places to set up shop, but individuals and families are looking for somewhere to live.Read more on Real Estate Markets