Dallas and North Texas Real Estate Trends: Insights for 2024
DFW Among US Leaders in Real Estate Investment Rankings
In the world of real estate investment, Dallas-Fort Worth (DFW) continues to shine as a top contender. According to the annual “Emerging Trends in Real Estate” report by PricewaterhouseCoopers and the Urban Land Institute, DFW is consistently among the nation’s best places to develop property. Juli Black, a real estate expert from the region, notes, “DFW’s real estate market is dynamic and promising.”
Real Estate Investment Prospects for 2024
DFW’s real estate market is evolving, and the report for 2024 highlights key investment areas. Multifamily housing, single-family housing, industrial properties, hotels, retail, and office spaces are all promising sectors. However, economic challenges, such as higher borrowing costs, are expected to persist. Labor shortages and job growth in various regions, as well as concerns about office space oversupply and loan repayments, are factors that industry professionals are closely monitoring.
DFW Home Prices and Trends
While U.S. home prices reached record highs in August, DFW’s real estate market had a slightly different trajectory. According to S&P CoreLogic Case-Shiller, home prices across the country saw a 26% increase compared to July, while North Texas experienced a 1.7% decline in the same period. At the end of the third quarter, the median price of a single-family home in DFW stood at $400,000, down from $415,000 earlier in the year.
North Texas Hotel Construction Boom
North Texas is leading the country in hotel construction, providing exciting opportunities for investors. Lodging Econometrics reports a surge in hotel projects, with 189 in DFW during the third quarter, surpassing the 176 recorded in 2022. The pipeline boasts over 21,000 hotel rooms, and an additional 9,000 rooms in 80 hotel projects are expected to commence construction in the next year. Atlanta and Nashville are following closely, but DFW is the frontrunner in this hotel development race.
Litigation Update from NAR President Tracy Kasper
In the midst of these real estate developments, it’s essential to note the ongoing litigation in the industry. National Association of REALTORS® (NAR) President Tracy Kasper provided a significant update on the Burnett v. NAR et al case. After an 11-day trial, a jury in Kansas City, Missouri, found NAR and other corporate defendants liable in the case. Kasper stated, “This matter is not close to being final. We will appeal the liability finding because we stand by the fact that NAR rules serve the best interests of consumers, support market-driven pricing, and advance business competition. We remain optimistic we will ultimately prevail.” As the legal process unfolds, the court will also be asked to reduce the damages awarded by the jury, and due to the nature of appeals, the case is likely to extend over several years.
Cityline Complex in Richardson: A Noteworthy Transaction
One of the largest real estate transactions in the country this year involves the Cityline complex in Richardson, DFW. Four towers spanning over 2 million square feet have changed hands, with the buyer being a real estate investment company tied to Robert Sarver, an Arizona entrepreneur. These high-rises are fully leased to State Farm Insurance, which employs approximately 10,000 workers. The Cityline development is a mixed-use hub at the President George Bush Turnpike and Plano Road, featuring retail, multifamily units, a hotel, and offices.
RANGERS: Overcoming Adversity on the Path to Victory
The Rangers encountered their fair share of challenges en route to the championship. An eight-game losing streak in August tested their mettle, and they narrowly missed capturing the AL West title on the final day of the regular season. Additionally, they faced struggles at home during the ALCS against the defending-champion Astros. However, rather than succumbing to adversity, they rallied together, showcasing unwavering determination.
An Extraordinary Postseason Run
The Rangers’ postseason run was nothing short of extraordinary. Notably, they etched their name in the MLB record books by going 11-0 on the road during the playoffs, demonstrating their ability to perform under immense pressure in hostile environments.
Corey Seager, a key addition to the Rangers following his successful tenure with the Dodgers, played a pivotal role in their championship quest. His remarkable performance earned him the coveted World Series MVP title, making him the first player to win it in both leagues and for multiple teams.
A Triumph Worth Celebrating
In the end, it was a triumphant moment for the Texas Rangers and their devoted fans. Their long-awaited championship victory served as a fitting conclusion to a memorable season filled with both highs and lows. As we continue to explore the real estate landscape in Dallas and North Texas, let us also celebrate the remarkable achievement of the Rangers, a testament to the spirit of perseverance and the pursuit of excellence that defines this vibrant region.
Juli Black: “As a proud native Texan, this championship win for the Rangers feels like a long time in the making. It’s a celebration of our team’s unwavering grit and resilience, and it’s a testament to the enduring spirit of Texas baseball. This victory is more than just a title; it’s a symbol of our determination and a source of immense pride for our great state. The road here hasn’t been easy, but we’ve stood strong, weathered the storms, and emerged as champions. It’s a moment we’ll cherish for generations to come, reminding us that the vision and recent changes were instrumental in this victory. So proud we got the W for North Texas!”
And it’s an incredible coincidence as it is to have bested the Rays, Orioles, Astros, and Diamondbacks in that order, but to have it spell out ROAD after the team went 11-0 in away games is a fun fact that adds to the magic of this championship journey.
Hot Texas Summer
The scorching Texas summer of 2023 ranked as the second-hottest on record, leaving many to wonder if this is the new normal. Scientists see this extreme heat as a troubling indicator of a hotter future. The summer brought triple-digit temperatures, straining the state’s power grid and resulting in heat-related fatalities.
The Dallas-Fort Worth area suffered through 47 days of triple-digit heat, with eight more in September. Dry conditions exacerbated the heat, making Texas summers even more arid. Urban areas with concrete and asphalt retain heat, creating urban heat islands, which can disproportionately affect vulnerable communities. Although challenging, adapting to this changing climate is crucial for our well-being.
Leah Remini’s Real Estate Endeavor in Studio City, California
Switching gears to the celebrity real estate scene, Leah Remini has been trying to sell her 10,000-square-foot home in a gated enclave in Studio City, California, for over a year. The property, nestled on 1.5 acres, offers six bedrooms, eight baths, a wood-burning fireplace, private balconies, a theater, a home office, and much more. Originally listed for just under $13 million, it is now priced at $12.5 million.