Multifamily Mortgage Bankers and Brokers since 1997

Get Your Free Multifamily Loan Quote

 

Featured in:
Business Insider
Forbes 
The Real Estate Network

Grand Prairie, Texas

Grand Prairie, Texas has a house median value of $190,297. The worth of houses in Grand Prairie have increased a significantly in the last year, at 13.5 percent. There is a prediction for Grand Prairie houses to increase in the next year by 6.3 percent.

Grand Prairie has a per square foot list cost median of $108. Dallas-Fort Worth metro has a higher per square foot list cost median of $136. For Grand Prairie, the current list price for houses is $235,000. Homes sold for a median of $216,200 in Grand Prarie.

In this market, the median cost for rentals is $1,600. Dallas-Fort Worth’s metro area's median price for rentals is $1,675.

In the following few years, the number of foreclosures will have an impact on the value of houses. The city of Grand Prairie has a relatively low foreclosure rate of 0.5 houses being foreclosed for every 10,000 houses. The metro area of Dallas-Fort Worth has even a lower foreclosure rate of 0.4. The US foreclosure rate is quite a bit higher at 1.6 homes being foreclosed for every 10,000.

1.9 percent of Grand Prairie homeowners are in the state of mortgage delinquency. The nation has a lower mortgage delinquency rate of 1.6.

The 2008 recession had a big impact economically on our nation. One of the consequences was that the value of houses dropped greater than 20 percent in the nation. This had the result of many owners of houses currently being underwater concerning the mortgages they have on their homes.

Being underwater means that the owner of the house owes a greater amount of money than the market value of the house. 4.6 percent of homeowners in Grand Prarie are underwater on their mortgages. The metro area of Dallas-Fort Worth has 4.4 percent of homes underwater.

Grand Prairie has new development coming to it for commercial real estate. As a result of a new service road, a developer bought a site of 12.9 acres. The plans call for commercial development as well as retail pad site development. Construction has been in process concerning service roads of the south and north Tom Landry Freeway on Belt Line Road in Grand Prairie. It is believed that putting the new service roads in brings opportunity for commercial development and retail pad site development.