The state of Texas is growing at a rapid rate, faster than any other state in the country. North Texas, the 12-county area from Dallas/Fort Worth north saw a population increase of 60,000 between 2015 and 2016. As you can imagine this led to a booming real estate market.
If you are considering a move to this area where the winters are much milder than up north, there are some things you need to know about real estate in North Texas.
Home Ownership
Owning a home is very important to Texans. There are over 500,000 households in Texas and nearly half of them are homeowners.
Luxury Homes
There are high-end, expensive luxury homes in the Dallas area. The Crespi Estate with its 25 plus acres recently sold for $36.2 million. The value of homes has jumped 12.3% in the past year with the median home price of $230,000.
Rolling Estates
There are several large, rolling estates in North Texas with enough room to keep horses. You can keep one horse per acre of land.
Multiple Housing Options
Housing options in North Texas range from elegant mansions, to townhomes, and newly constructed communities. Much of the new construction is in the Frisco/McKinney area where the Toyota North American Headquarters is located.
Lay of the Land
North Texas is not as flat as has been pictured in movies and TV shows. There is a “Hill Country” in this area of Texas that starts just south of Dallas.
Taxes in Texas
Residents in Texas don’t pay taxes on state or local income taxes or motor vehicles, rather, they pay property and sales tax. Property taxes in Texas are the fifth highest in the nation and the sales tax rate is 6 ¼ %. In the Dallas metro area, as in several other Texas cities, you will be charged an additional 2% sales tax.
The Job Market
Jobs in the North Texas area are plentiful and growing with over 100,000 jobs added between 2016 and 2017. Along with this, the median income has grown to over $62,600 per year.
Outdoor Life
Residents of North Texas love the outdoor life making frequent use of various Dallas hiking and biking trails. Eventually, all the 153 miles of trails will be connected.
Public Transportation
North Texas offers several options for your commute via public transportation. The Dallas Area Rapid Transit (DART) is used for getting around Dallas, the Trinity Railway Express (TRE) connects Dallas with Fort Worth, and the McKinney Avenue Transit Authority is another public transportation option.
Culture and Activities
The mild weather in this area of Texas makes spending time outdoors enjoyable almost any time of the day or night. You can enjoy many activities in Dallas, the arts at the AT&T Performing Arts Center or the Dallas Museum of Art. If local and national pop acts are more to your liking you will want to try places like Trees, Club Dada, South Side Music Hall or the Prophet Bar.
North Texas real estate is rather hot right now and it seems like it will stay that way. These are just ten of the things you should know and there’s plenty more to learn from your real estate agent.
Attend a Dallas Home Buyers Seminar: https://dallas.newhomeprograms.com/home-buying-seminars/
More information: 15 Must-Do’s For the First-Time Homebuyer