Not all markets are created equal. Often people refer â€œthe Florida marketâ€ or â€œthe Texas marketâ€ and assume that all markets within a certain state or relatively the same. To get a more accurate look at the real estate environment, however, you often have to dig deeper and look at a city-by-city analysis. For example, you cannot assume that Dallasâ€™s real estate market is the same as (or even similar to) the overall Texas market.
Therefore, when looking to invest in the Metroplex, it is
essential that you understand the local real estate market. The following Dallas,
Texas real estate market infographic is a great place to start.Â Â
Where, exactly, does Dallas stand in regards to the state of Texas? For starters, it is important to understand that average home prices in Dallas are 47% below average home prices in the overall Lone Star State. Specifically, the average home price for Dallas is $81,400, while the average home price for the state of Texas is $174,900.
Since foreclosures often drive down the price of homes, it would make sense to assume that the Dallas real estate market has a higher percentage of foreclosures in comparison to the state level. However, that is case. Instead, only 1 in 3,233 homes are in foreclosure in Dallas in comparison to 1 in 1,336 for Texas.
Taken together, this information tells us that you may be able to find lower priced homes in Dallas, even though the ratio of homes in foreclosure in lower in the Metroplex in comparison to the entire state.
A closer look at the infographic also reveals some other pertinent information, including average household income ($55,546 in Dallas and $49,816 for the state of Texas) and the unemployment rate (7.5% in Dallas and 7.1% for Texas).
This is just one example of how important it is to look at the local real estate market when investing in real estate. Never assume that state statistics are representative of the city in which you are investing; instead, do your homework beforehand and make sure you are making a smart investment decision.Â