Oregon Bans Single-Family Zoning – While the Apartment Market grows in DFW
Salem: Oregon is the first state to ban single-family zoning. In cities with a population greater than 25,000, “middle housing” will be allowed in neighborhoods where zoning had previously only allowed single-family homes. Middle housing refers to units that fall between suburban style single-family homes and high-density urban apartments. It includes small multi-family buildings such as duplexes and fourplexes, as well as groups of tightly packed houses called “cottage clusters.” Proponents of missing middle housing say it represents a more diverse range of home sizes and price points, which leads to greater affordability and neighborhoods with greater diversity.
DFW: DFW continues as the nation’s leading apartment market, according to RealPage, with around 100 apartment communities under construction with 29,000+ units. Another 89 communities with 39,000+ units are planned. With 90+% occupancy in DFW, rent rates are up 3.3% over the last 12 months.
DFW: Condo sales in the DFW area by real estate agents were down 10.5% in the year ending in June compared to the prior 12 months according to the Texas Association of Realtors. Townhome sales were down 7.2% in the same time period. Statewide condo sales are off 8.4% and townhomes are 2.7% lower. DFW agents sold 3,375 condos and 2,643 townhomes in the time period and statewide sales were 13,118 condos and 8,849 townhomes. Median sales price for condos was $189,000, up 1.5%, and $226,000 for townhomes, down 1.2%. Single-family sales are up 1% and the median sales prices at $265,000 are up 2%.
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