With a relatively low cost of living and population growth projections that outstrip other U.S. cities by two times, Dallas-Fort Worth has been named the top real estate market to watch in 2019.
The Emerging Trends in Real Estate for 2019 report from PricewaterhouseCoopers and the Urban Land Institute ranked the Metroplex as the number one market for overall real estate prospects in 2019 out of 78 other cities.
Austin and San Antonio also made it into the top 20 for overall real estate prospects in the annual forecast report, which is compiled from thousands of interviews with real estate experts across a spectrum of industries.
Mitch Roschelle, a partner at PwC, said the economic data points analyzed for the report suggest the strength of the economy and the discipline being practiced in the real estate market.
“If there is a downturn ahead of us, it won’t be real estate that caused it,” he said. “Right now there's way more discipline in all activities in real estate than there has been in any other time in the modern era. We haven’t gotten ahead of ourselves in terms of real estate development. I hope that real estate folks remain as conservative as they have in creating new supply.”
Roschelle said he's seeing that conservative behavior in Dallas-Fort Worth and it has kept the market from getting ahead of itself despite the ever-growing demand and push for growth.
As for what makes North Texas the one to watch next year, he said several factors come into play.
“The things that have been important in years past have been markets that have low cost of living and low, relative to the national average, cost of doing business. That’s where companies want to be and that’s where people want to be,” Roschelle said.