The Dallas-Fort Worth-Arlington housing market is about as hot as it gets, and there are few signs of it cooling off anytime soon.
During the upcoming year, North Texas is projected to have the second-highest increase in home sales in the U.S., behind only the Las Vegas area, according to a 2018 national housing forecast by Realtor.com. The Metroplex in 2018 is projected to have not only a 6.02 percent increase in the number of residential retail sales, but also a 5.57 percent spike in the price of homes for sale.
Nationwide, the forecast projects a more modest 2.5 percent growth in existing home sales, as the supply of available houses for sale finally begins to catch up with demand.
Despite the optimism, it’s still not known how new federal income tax legislation might affect housing sales. Proposals being voted on this week in Washington could limit the amount of mortgage interest that can be deducted from federal incomes taxes, and also limit home owners’ ability to deduct property tax payments.
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“The wild card in 2018 will be the impact of tax reform legislation currently being debated in Congress,” the Realtor.com report read.
Hottest housing markets
Metro areas with the highest housing sales forecast for 2018, including projected sales growth and price growth percentages:
- 1. Las Vegas - 4.9, 6.9
- 2. Dallas-Fort Worth-Arlington - 6.02, 5.57
- 3. Deltona-Daytona Beach-Ormond Beach, Fla. - 5.47, 6
- 4. Stockton-Lodi, Calif. - 4.55, 6.43
- 5. Lakeland-Winter Haven, Fla. - 3, 7