Dallas Sets New Record – 13.7% Home Appreciation in February
Dallas-area home prices were up 13.7 percent in February over the previous year, according to Zillow. Denver and Dallas led the country in home price increases in a new nationwide price comparison. Home prices in Denver were up 14.5 percent in February, and in the Dallas area prices were 13.7 percent higher than a year earlier, according to the new report by Zillow. Nationwide home values appreciated 4.3 percent annually in February to a median value of $184,600. This is still 5.9 percent below the record median home value set in mid-2007 before the housing crash and recession. The median price for Dallas-area homes was $180,700 – an all-time high, according to Zillow. North Texas home prices have hit record highs in the last couple of years thanks to a booming local economy and tight inventories of houses for sale.
– Dallas Morning News, March 25, 2016
Explosive Growth Results in Almost 400 New Dallas-Fort Worth Residents per Day
Dallas-Fort Worth area added 144,704 people — about 396 new residents per day. With a total population of 7.1 million, Dallas-Fort Worth remains the most populous metro in Texas and the fourth largest in the U.S. The Houston-The Woodlands-Sugar Land area witnessed the highest population gain in the nation, with 159,083 new residents, bringing the total up to 6.6 million. As we lead the country in population growth and gain, it seems everyone wants to be a Texan.
– Culture Map Dallas, March 28, 2016
Hillwood Communities Buys Prosper Tract to Expand $800M Master-Planned Development
Dallas-based master-planned community developer Hillwood Communities, a Ross Perot Jr.-owned company, has closed on 244 additional acres in Celina from the Wells family to expand its $500 million, 1,250-home community. The deal is the second part of a land deal brokered by Hillwood Communities. Last year, the Dallas-based firm acquired 400 acres of Wells family land. “It was our good fortune to partner with the Wells family last year,” said Perot, in a written statement. “Given the rapid economic growth in North Dallas, we are honored to develop another residential community on this historical land to present those moving to the city with a choice to live in a first-class community,” he added.
All in, the expanded development totaling 644 acres is expected to cost $800 million at the build-out of 2,150 homes. Hillwood Communities senior vice president Brian Carlock said the master-planned community developer is actively seeking to partner with other landowners and cities in Dallas-Fort Worth and other major Texas metro markets to develop residential and mixed-use communities. The Wells family has owned the Celina acreage since before the Civil War. The Wells family decided to sell to the Perot family because of their deep-rooted history and contributions in North Texas. The North Texas city — and the recently acquired parcels — are located in the path of northward growth along the Dallas North Tollway and Preston Road.
The yet-to-be named community will price its new homes from $275,000 to $400,000. Construction is slated to start in September, with the initial phase of homes expected to be complete in late 2017.
– Dallas Business Journal, March 28, 2016