According to Zillow Real Estate Market Reports from the first quarter of 2014, almost 20 percent of U.S. metro housing markets have already surpassed their pre-recession peak values or are close to doing so—and values continue to rise.
Leading the way is Texas, whose four largest metro areas—Dallas-Ft. Worth, Houston, San Antonio and Austin—are all experiencing peak home values or are expected to peak in the next year. Austin led the Lone Star State’s top metros with a year-to-year rise in Zillow’s Home Value Index of 8.2 percent over last year. Dallas-Ft. Worth enjoyed a rise of seven percent.
“There is no better place to invest in real estate right now than in the state of Texas,” said TAYO CEO Scott Wheeler. “The recession is a distant memory here. An incredible influx of people drawn by the shale oil and gas boom is making property of all kind a hot commodity in the state.”
The explosive demand has left the supply of housing in Texas at its lowest level in nearly 20 years, setting the stage for potentially huge profits to be made by building, rehabilitating or upgrading existing single- and multi-family properties for rent or resale.
Third Avenue Development Corp. will focus on investing in potentially lucrative real estate assets to compete in a brisk market alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR), Essex Property Trust Inc. (NYSE: ESS) and more.
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