The DFW area will continue to be a top real estate market next year, according to a recent edition of The Allmanac, a weekly real estate industry newsletter produced by Allie Beth Allman & Associates.
The area ranked seventh in the annual Urban Land Institute and PwC survey, measuring real estate investment. Nashville, Raleigh-Durham, Phoenix, Austin, Tampa-St. Petersburg and Charlotte were ranked higher than DFW.
Meanwhile, a large number of homes across the country are valued below their agreed selling prices, resulting in several failed deals. Low inventories and low interest rates fueled a buying frenzy during the pandemic, which saw thousands of homes selling for more than list price. The bidding wars prompted more cash bids and valuation waivers to close deals. Now, according to CoreLogic, 13% of valuations are below the contract price in August. That was down from 19.7% in May, but above the 7.3% in January 2020 which CoreLogic said was typical of the housing market.
In McKinney, an apartment builder in Georgia recently bought one of the last big sites in the Craig Ranch development. The land Davis Development reclaimed is over 11 acres north of State Highway 121 and west of Alma. Zoning allows 60 units per acre and two apartment complexes are planned. Craig Ranch, with over 2,200 acres, was founded over 20 years ago. It now includes more than 4,500 housing units.