Ones For Real Estate: The Elusive $400K North Texas Home
FORT WORTH (CBSDFW.COM) — While the median price of a home in the Dallas/Fort Worth Metroplex sits at just under $360,000, according to real estate experts, researchers who study the market say houses in that price range have become increasingly hard to find.
Despite a market cool down following a housing frenzy this year and last researchers say homes within 300k to 400k are still elusive for those looking in that price range.
Dr. Luis Torres, a research economist from Texas A&M Real Estate Research Center said, "That sweet spot of 300-thousand to 400-thousand it's still difficult to find homes. You have low month of inventory."
As a matter of fact Torres says his data shows there is less than 2 months of inventory for those houses across DFW.
Dr. Torres added, "You would think there would be more available at that price range. Think about it it's not that cheap 300-thousand to 400-thousand but it's getting harder."
Asked, why this is happening he said simply it has to do with demand.
He added, "It's still affordable to people so that's why there is demand for homes in that price range especially when you include the low mortgage rates---it's affordable!"
In addition experts say construction of new homes in this price range is also still slowed, and not keeping up with demand.
Also, according to Dr. Torres, investors have gobbled up many of these homes because they are attractive to rent or flip.
Many homes in this price range are single family houses with 3 bedrooms, and 2 bathrooms.
Dr. Torres does believe things will get better in the coming months.
He said, "I think it should improve in the coming year probably. Like at the end of this year and beginning of next year as the frenzy dissipates."