Learn More About Top Rio Grande Valley Real Estate Trends that Resemble Dallas, TX
The signs point toward continued growth for the Rio Grande Valley and Dallas, as evidenced by a number of current trends that draw interesting parallels between the RGV and Dallas real estate markets. Both markets are considered two of the fasted growing in the country and premier McAllen home builders and developers of the Bentsen Palm community share insight on the recent real estate trends.
The latest Rio Grande Valley news indicates that the McAllen-Edinburg-Mission area is now the fifth largest metropolitan statistical area in Texas, which surpasses El Paso according to the Census Bureau reports. While Dallas ranks first as the largest MSA, the Rio Grande Valley is steadily climbing upward.
The Rio Grande Valley is also experiencing significant growth in commercial real estate with a number of new businesses opening or expanding in the area, including the formation of the University of Texas Rio Grande Valley, which now employs more than 2,300 people across the combined sites; UTRGV has more plans for expansion with the opening of the School of Medicine. Additional businesses looking to open or expand inside the Rio Grande Valley include Main Event Entertainment, Dave & Busters, Dick’s Sporting Goods, HomeGoods, Chick-fil-A and Walmart. Dallas-based TopGolf is also considering the area for a new location. The influx of new business also directly parallels the continued population growth in the Rio Grande Valley.
The economic growth in both Dallas and the Rio Grande Valley areas are also impacting home prices. The Dallas region’s home-price gains continue to rank among the hottest in the country, rising between 8 percent and 10 percent for more than a year according to a Case-Shiller survey. And according to Realtor.com, the DFW area’s median home listing prices are about 21 percent higher this summer than in 2015.
The Rio Grande Valley is experiencing significant gains in home prices as well. The average price of new homes in the McAllen area are on the rise growing 7.3 percent in May 2016 from a year earlier. And in July 2016, the average value of new homes saw a 20 percent bump year-over-year as it grew to $197,805 per unit, according to MetroStudy.
It’s easy to see that both real estate markets are growing at a steady clip, however, the affordability of the Mission-McAllen area real estate market coupled with the continued job growth and lower cost of living make the new homes for sale in Mission, TX in the Bentsen Palm community highly appealing for homebuyers looking for a solid return on their real estate investment.