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Where Have All The (Affordable) Houses Gone?
Finding a new home for under $200K in North Texas was a breeze in the not so distant past. Much has changed between 2013 and 2017.
Metrostudy has recently released their first quarter 2017 report showing what local real estate experts know to be true from day-to-day experience: finding affordable housing is "nearly impossible".
Paige Shipp, Director of Metrostudy's Dallas-Ft. Worth region, states, "finished vacant inventory priced below $249,999 are in the shortest supply. Conversely, the months of supply for homes priced above $400,000 grows every quarter. Again, this demonstrates that the strongest demand is for homes below $400,000."
Metrostudy's 1Q17 report summarizes this quarter’s dramatic drop in starts below $199,999, which marks the near extinction of that price point for new homes in DFW, citing steep land prices as well as lot development, labor, and material cost increases as the culprits behind soaring prices.
Stage Left Suburbs, Enter Exurbs
In Metrostudy's 1Q16 Report, Shipp stated, "The only way to provide new homes below $300k will be by increasing home density and decreasing home square footage." An emotionally charged topic for many municipalities, proposals such as the Plano Tomorrow plan incorporates high-density solutions, but developments in affordable starter home brackets are not materializing. Instead, retail-enriched high and mid-rise rental communities ... more

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