Housing Market Continues Growth
Fall in the housing market typically equals a seasonal slowdown, as sellers have a tendency to pull their properties for the winter before trying again in the spring.
While the numbers show that trend still holds true, the market in the Park Cities and Preston Hollow remains lively as the holidays approach, with an increase in existing inventory and new construction.
“Traditionally we see a seasonal slowdown because of the holidays, but we still see a lot of businesses moving to Dallas and people want to get in here,” said Amy Detwiler, a senior vice president with Briggs Freeman Sotheby’s International Realty. “I’m continuing to list properties right now because of the growth.”
In the Park Cities, sales and active listings declined sharply from June to October, for example, but the median price of homes sold increased significantly, to more than $1 million from $732,500 over a four-month span. That surge — to $374 per square foot on October sales — also put the year-to-date median price at seven figures for homes in Highland Park and University Park.
Trends are similar in Preston Hollow, where the median price of single-family homes escalated to $890,000 in October despite the total number of sales and active listings dipping slightly.
“While there’s a little more inventory, the numbers are still up and I think they’ll continue to go up,” Detwiler said. “I think the market is normalizing and balancing out a little bit, but I’m finding that it’s still strong.”
Detwiler said among homes under $1 million, the market is tight in the Park Cities and Preston Hollow. Meanwhile, lot prices continue to escalate because availability is scarce.
“There’s a demand for new homes, and many of them are selling before they hit the market,” she said.
Houses already on the market are staying that way in Preston Hollow, where the average property was on the market for 104 days in October. That’s a noteworthy bump from the summer. However, in the Park Cities, a listing was on the market for an average of just 62 days in October.
