A Zillow report shows the Dallas-Fort Worth area has been the most sought-after location in 2021.
The real estate company collaborated with Allied Van Lines, a moving company, to discover popular relocation states in the United States. Jeff Tucker, a housing economist for Zillow, said, “Dallas stood out as the metro area with the most net, inbound, [and] interstate moves of any area in the country.”
Over the last decade, more than one million people have migrated to Dallas-Fort Worth, resulting in it being the most fast-moving metropolitan area in the country. Tucker said about Dallas, “It’s a major migration destination. It attracts a lot of people moving in.”
The other top five destinations are Charlotte, Nashville, Tampa, and Sarasota. Many people seek more affordable homes, resulting in DFW being a highly desired location for those moving from San Diego and Los Angeles. Another location that many are moving from is Chicago.
However, the increase in residents is causing property prices to become less affordable, with home prices climbing by 24% since the beginning of 2021. Not only are people from other states moving to the area, according to housing economist at the Texas A&M Real Estate Research Center, Luis Torres, but 80% of those buying homes in DFW also come from other parts of the state.
Torres believes as more people begin to make the Dallas area their home, homebuilding cannot keep up with the population’s increasing demand, resulting in higher prices.
“I think the lack of supply has been a major issue, and we saw that before the pandemic,” he said.
He claims the pandemic happened to push things to the max. North Texans began to see low mortgage rates, improved mortgage rates, and they began to see more space in their homes for things such as home offices.