In the last twelve months, the real estate market in Dallas has appreciated by 2.3%. Due to COVID-19, shelter-in-place orders are easing up in some other parts of the country, while Dallas County residents are required to stay at home until May 15.
According to ATTOM Data Solutions, major Texas markets have fared well despite the economic collapse due to the pandemic. Some reports even indicate that the Dallas housing market could give a significant boost to the post pandemic economy.
In the last month, the average sales price of a home in Dallas is $350,000, which is an 11.9% increase since last year. The average price per square foot is $185 which is a 6.3% increase since last year.
According to Zillow, Dallas’ home values have gone up by 1.9% over the past year and will likely fall by 2.4% within the next year. Additionally, Realtor states that the median list price of homes in the area were $375,000 as of last month.
Examining the more expensive neighborhoods in the Dallas Fort-Worth area, three of the major areas include Uptown, Preston Hollow, and Southlake.
In Uptown Dallas, home prices in the last month averaged $505,000, a 12.2% increase since last year, according to Redfin. In the past month, 13 homes were sold, while there are 141 active listings on the market.
Meanwhile, in Preston Hollow, the average sales price is higher than Uptown, at $983,000—a 4.1% decrease since last year and properties typically spend an average of 64 days on the market. The median list price in the area is $1.47 million and there are 172 active listings on the market, as reported by Realtor.
In Southlake, the average sales price is $801,000, which is a 5.0% increase since last year. Additionally, the price per square foot is $202, a 9.2% increase since last year, as stated by Redfin. According to Realtor, the median list price is $873,450 and there are 192 active listings in the area.
Ultimately, Dallas’ residential real estate market has seen a percentage decrease, however reports indicate that the housing market can be one of the prime industry leaders to actually strengthen the economy in the city.
