MetroTex NEWS

Dallas Tops List of Cities Building the Most Homes for Buyers

Permits for residential construction are up 14% compared to a year ago, according to Census Bureau data, showing that development of new-home communities is ramping up amid surging buyer demand. Permits are a gauge of future home construction. “Builders are looking to grow wherever they can right now,” Rick Palacios Jr., an analyst with John Burns Real Estate Consulting, told realtor.com®. “COVID-19 has ignited demand in markets where there wasn’t really a lot of demand before.”

Realtor.com® researchers found that the biggest upticks in new-home construction are in the South and West, most notably the Sun Belt. Fueling the trend in these areas are growing populations, strong economies, and lower costs of living. These areas also tend to have fewer restrictions on construction, researchers say. Realtor.com® identified the following markets as seeing the highest increases in permits for single-family homes, condos, co-ops, apartments, townhomes, and duplexes. (The site limited its list to one metro per state to ensure geographic diversity.)

1. Dallas
Median list price: $373,267
One-year change in permits: 23%

2. New York
Median list price: $629,500
One-year change in permits: 2%

3. Phoenix
Median list price: $469,500
One-year change in permits: 9%

4. Washington, D.C.
Median list price: $499,900
One-year change in permits: 30%

5. Atlanta
Median list price: $377,500
One-year change in permits: 1%

6. Los Angeles
Median list price: $1,184,500
One-year change in permits: 7%

7. Seattle
Median list price: $$672,386
One-year change in permits: 38%

8. Philadelphia
Median list price: $329,900
One-year change in permits: 52%

9. Charlotte
Median list price: $386,450
One-year change in permits: 11%

10. Tampa
Median list price: $305,000
One-year change in permits: 24%

Source: realtor.com®