Predictions for Texas real estate in 2024

On Behalf of | Dec 19, 2023 | Real Estate Law |

Reportedly, America’s real estate market is poised for a drastic turnaround following multiple consecutive down years. More affordable housing is expected to spark a boost in real estate market activity across several metropolitan areas, with property sales anticipated to grow by 13%. Here is a look at two Texas cities that may reap the benefits of the predicted 2024 market turnaround.

Austin and Texas outlook

Austin holds great promise for real estate in 2024, as the region has one of today’s biggest groups of returning home buyers. If the interest rate drops 6.5%, more than 5% of Austin’s households should be able to afford median-priced homes. Many Millennials making more than $100,000 annually are moving to Austin, which may fuel significant local market growth.

Dallas is another top Texas city with a positive real estate outlook. Among America’s 100 biggest metro areas, Dallas’s job market ranks number two when it comes to how fast it is growing. The city in 2023 created more than 4% in additional positions compared with the prior year. Housing activity is expected to increase in Dallas as the mortgage rate falls in 2024.

How a real estate attorney can help

An individual planning to purchase real estate in Texas would be wise to partner with a real estate attorney as soon as possible. An attorney can help with both residential and commercial property purchases and sales. An attorney may also assist in reviewing and drafting a commercial lease for a tenant and landlord, as well as handling estate planning for a property purchase. The attorney will strive to ensure that his or her client’s best financial interests are protected during every phase of a real estate transaction.

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