BY COLBY FARR
DFW real estate investor talks 2024 trends New Western investment firm activity in the Dallas-Fort Worth real estate market was up 6% year over year in 2023, according to a new report from the service. Zach Steinberg, senior general manager of New Western’s Dallas-Fort Worth office, broke down what he expects to see in 2024, what increased investor activity means for home inventory and more. Answers have been edited for style, length and clarity. How did the Dallas-Fort Worth housing market perform in 2023? The market did relatively well. There’s still a shortage of housing in the metroplex as well as nationally. My office specifically here in Dallas sells distressed properties to investors, properties that need to be renovated. In my office, we sold over 625 homes in 2023. So we had quite a bit of activity,
which is correlated to the low inventory out there in the retail market. I think in Dallas-Fort Worth, it’s around 2.5 months of supply. In a healthy market, it’s usually around six months of supply, meaning if no new properties come on the market, we will be out in 2.5 months. What are you expecting in 2024, and how will it be different from 2023? We’re expecting a really good year. Inventory is still low, rates are still where they are, and there’s tons of economic activity in DFW. There’s still so many people moving here, and there’s a lot of homes in DFW that have 2%, 3% or 4% mortgages, and that can’t be replicated right now, so those people are staying put. It’s kind of a perfect storm: more people moving to DFW and low inventory. What does increased investor activity mean for home inventory as people continue to move to the region? I think it’s a really good thing because we are kind of the future product that’s coming on the market. You can’t renovate a house in 30 days. So in my office in Dallas, we sell 50-60 homes per
month. These homes take anywhere from two to six months to renovate, so the homes we sell [early in the year] are going to be the spring and summer product. It’s a good thing that investors are active because it shows a healthy real estate market. Investors should be very excited about Dallas, in 2024 and beyond.
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KELLER - ROANOKE - NORTHEAST FORT WORTH EDITION
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