Significant changes in median sales prices highlight a busy month of real estate in Preston Hollow and Park Cities.
And in Dallas-Fort Worth, as a whole, real estate professionals closed a near record number of sales.
A total of 161 homes were closed in June in Park Cities and Preston Hollow – 94 and 73, respectively. In DFW, according to officials from Dave Perry-Miller, preowned sales neared 10,000 in June.
“That’s close to an all-time record,” said Marti Voorheis, an agent with Dave Perry-Miller Real Estate. “The misconception is that all price points are moving quickly in all areas. The majority of new home sales are in lower price points, primarily in the growing communities to the north where so many companies have moved to in the last few years.”
Indeed, prices continue to impact closings: the median price of homes sold in June in Preston Hollow was almost $1.06 million, up significantly from a few months before. Park Cities saw a June median price of $1.32 million. That’s $316 per square foot in Preston Hollow and $390 per square foot in the Park Cities.
While those numbers may seem high, purchasing a home in Dallas over renting may save residents money in the long haul, according to Caroline Thompson, an agent with Briggs Freeman Sotheby’s International.
“The economics make sense to buy over leasing,” Thompson said. “We’re currently seeing the price to lease a residential property ticking up, which encourages and drives individuals to buy.”
Thompson also mentioned east Dallas as a hotbed for new home buyers.
“That’s one of the hottest and most active areas in DFW,” she said. “New construction by builders is growing out there.”
A strong 2018 for realtors came after a market correction. Dallas-Fort Worth experienced a small period of inflation where sellers could name their price. However, buyers are becoming pickier, and there’s less of a need for homes now than at the beginning of the year, real estate professionals said.