North Texas real estate already hot, predicted to jump by double digits next year

If you think real estate in North Texas is hot now, just wait until next year.
PORCH | BY DAVID BEASLEY • SEP 29, 2021
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If you think real estate in North Texas is hot now, just wait until next year.

The real estate website Porch is predicting further price jumps next year, NBC DFW reported.

Prices will rise 21.1% next year in the Dallas-Forth Worth area, coming off a healthy 14% increase this year, Porch projected, the station reported. It's even hotter in Austin, where real estate is projected to increase 37% next year, the story said.

That's good news for sellers but not so much for buyers, the station reported. It cited a 1,336-square-foot home in Arlington that listed for $195,000. There were 40 offers and the sellers accepted a cash offer well over list price: $15,000 over asking.

Lisette Caraballo with iRealty had clients who offered $15,000 above asking but didn't get the house.

"They loved that house," she told the station. "That’s the house they wanted. That’s the area where they’re renting right now."

The market is simply too tight particularly for first-time home buyers, the Realtor said.

“It’s becoming cost-prohibitive and it saddens me," said Caraballo. "This is the dream that everyone has, to own their own home. It used to be a great real estate market, affordable. That’s why so many people moved here. However, we have this market that’s going crazy. And prices are all over the place. And people are buying it.”

PORCH | BY DAVID BEASLEY • SEP 29, 2021