Irving real estate market in 2022
Texas Housing - November 2, 2022
One of the newer cities in Texas, Irving was officially founded in 1903. Today, Irving has over 200 000 residents and is one of the fastest-growing cities in Texas. It has one of the healthiest economies, mostly in the hospitality industry. With the current development, Irving has become one of the best places to live in Texas. If you are thinking of moving there, our team of movers in DFW can help you with that. However, let’s discuss one of the most important aspects of living here – the Irving real estate market in 2022 before you decide if moving to Irving is right for you.
Some basic facts about the Irving real estate market in 2022
As we said, Irving is one of the fastest-growing cities in Texas. Because of that, demand for homes is always high. In 2022, because of the high demand, the market in Irving is by far a seller’s market. However, when talking about the real estate market, we should look at two things equally. That is Irving’s real estate market for renters and for home buyers. Firstly, if you are a renter, you are one of more than 60% of renters in Irving. Only a third of Irving residents own a home, which is common for cities with many people moving there each year with the help of movers Irving TX. If you are one of them, you should look both at the rental market and the market if you are looking to buy a home.
Irving rental market in 2022
Like most rental markets in the US, Irving, Texas, has seen some incline in rent prices in the past year. The average rent in Irving for a one-bedroom apartment in October 2022 was $1,478, which is an increase of around 13% compared to the previous year. However, while the rents increased for one-bedroom apartments, they decreased for studio apartments by 14%. Now, rent for a studio apartment in Irving will set you back an average of $1,312. A two-bedroom monthly rent will cost you an average of $1,871. Additionally, similar to one-bedroom apartments, the price increased in the past year.
As Irving is not a big city, the number of rental apartments might turn out to be an issue. Some of the more affordable neighborhoods for renting include Beacon Hill Village, Emerald alley, Champions Hollow, Aleo at North Glen, and Freeport Corporate Center. On the other hand, Lakes of Las Colinas and Riverside Village are more expensive neighborhoods. The average rent in one of these neighborhoods is around $1,906. Of course, that is significantly higher than the rent in one of the more affordable neighborhoods.
Job and business opportunities in Irving Texas
Job opportunities are among the more important aspects of the real estate market. Not only are they a great way to see if the city is affordable, but job opportunities are a great indicator of economic health and business opportunities. As we mentioned, the hospitality sector is one of the strongest in this city. Being only minutes away from Dallas/Fort Worth (DFW) International Airport, it makes a great city to develop or expand your business. Here are some reasons why moving your business to Irving with the help of commercial movers Dallas, is a good idea:
- The commercial vacancy rate is low, which means the economy is growing and is perfect for expanding your business
- New office buildings are constantly being built to satisfy the local commercial demand, which is high and great for the Irving real estate market in 2022
- Irving is home to eight Fortune 500 companies and four Fortune 1000 companies
- Multiple economic incentives for retail and commercial businesses. This is to help achieve the city’s long-term goals of revitalizing downtown Irving, in addition to traditional industrial and manufacturing incentives.
There are many more redevelopments underway, especially in Las Colinas. All of the things we mentioned make the city of Irving not only a great place to live but also a great place to start or expand your business.
Irving real estate market for home buyers
Lastly, we come to one of the most important aspects of the real estate market – the market for home buyers. The average year-after-year appreciation rate for homes in Irving is on par with the state average. Each year, home values increase by around 0.3%, which is great if you are looking to invest in the Irving real estate market in 2022. A lot of residential movers Dallas are moving families to their first home in Irving because of the high appreciation of home values. If you buy a house in Irving, you can consider it a good short-term investment. This is because the average prices increased by 20.8% year-over-year.
When it comes to median and average home prices in Irving, the median home price in October 2022 was $387 thousand. If you are looking to buy, one thing you should have in mind is a decline in homes sold in the past year. This is mostly due to rising interest rates. However, that still might be good news because it means homes are staying longer on the market. Also, one great thing about the Irving housing market is its affordability. By that, we mean not only the average home price. We are talking about the fact that the average home in Irving sells at prices lower than the listed prices.
Should you buy a home in Irving, Texas?
Living in Irving is great. There is no state income tax, the city is close to major airports ad cities like Dallas and Forth Worth. It is quite affordable to live with a low unemployment rate. This is why many young professionals are moving there, especially in the hospitality industry. Trends in the Irving real estate market in 2022 show that buying a home would be a good investment. Combined with good appreciation values and increasing job and business opportunities, Irving can be considered one of the best places to live in Texas. However, the Irving real estate market is truly competitive, and since it’s expanding, it is expected to continue to be so in the coming years.