Last month we discussed the fact that Texas has been working hard to recover from the state’s oil crisis, and it is finally paying off. Just a quick recap – in 2015 alone the United States (and specifically Texas) experienced a monumental oil price collapse, which resulted in a huge loss of jobs across the country. Over the last year, Texas and the rest of the nation has been working to bounce back from this significant event, and we are happy to report the future is brighter than ever. According to the Real Estate Center at Texas A&M University, Texas alone added nearly 188,000 nonagricultural jobs from April 2015 to April 2016, which is about 7,000 additional jobs than were added from March of 2015 to March 2016 (which you may remember from this blog).
Furthermore, the state added 154,000 jobs in the nongovernment sector, which is also up from March. The addition of these jobs in April means that the state has reported an annual employment growth rate that surpasses that of the annual growth rate for the fourth month in a row. So, what do all these numbers mean? For one, they are a direct indicator that Texas has jumped the hurdle and that the worst is behind us in regards to the economy. As we have been discussing at length in recent months, this will continue to mean big things for the state’s real estate market.
A Look at North Texas’ Current Housing Market
According to a report from KERA News last week, housing prices in North Texas rose nearly two percent over the last month. While research indicates that the middle class is ‘shrinking’ in several different metropolitan areas in the state, this doesn’t appear to be hurting home prices or sales. With all industries in Texas (besides mining, logging, manufacturing, warehousing, and transportation) adding jobs, we can only expect to see more and more people looking to buy in the area.
Furthermore, as we continue to see communities and developments like Legacy West near completion, the housing market will continue to flourish. As we discussed last month, Plano’s Legacy West development will become home to a variety of major corporations, including Chase, Liberty Mutual, and more. When all’s said and done, the Plano development should see upwards of 15,000 people working in the urban village, which will make it one of the largest business complexes in the state.
Tips for Buying a Home in Texas
When it comes to buying a home in Texas – or any state, for that matter – it is of the utmost importance that you have a good grasp on the market and retain the services of a knowledgeable and experienced Realtor. Because the real estate market in North Texas, specifically, is so hot, homes are flying off the market at a record pace. In fact, many people are selling their homes directly through agents and real estate firms before they ever hit the public inventory. This means that, in order to find the home of your dreams in a community that is right for you, you must do your research and have a leg up on the competition.
With this in mind, we encourage you to contact The Cheney Group for the most current information on North Texas’ real estate market. We offer services to those in Frisco, Plano, McKinney, Little Elm, and throughout the northern part of the state and are prepared to help you find the right home or homebuyer for you today.