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Market Conditions for Park Cities


Market Stats for Park Cities

Highland_Park_Village

Here’s a quick update for this week

Highland Park – 75205

Median list price             $1,580,000
Asking Price per Sq Ft.            $360
Average Days on Market            130
Total Inventory                      153
Sold This Week                         7
Median Age                            25

The Market has been trending down lately. Prices have settled and are stable.  Lower prices are where the buyers are showing interest due to this close in location with excellent schools.  Inventory has been climbing in recent months.

University Park – 75225

Median list price             $1,396,000
Asking Price per Sq Ft.            $320
Average Days on Market            121
Total Inventory                       188
Sold This Week                         15
Median Age                             19

The market has been trending down also. Prices are staying around their high point and “ditto” due to the close in location, excellent schools and police department.

It’s definitely a buyers market with the inventory increasing in both cities, but no matter what the market conditions in the Dallas area, the real estate in the Park Cities always is in high demand and will hold its value.

Even for the first half of this year home sales in the Park Cities are up 4% from last year with a 9% increase in average price!  A great place to live and safe investment!

Preston Hollow vs Park Cities


Preston Hollow vs Park Cities

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What is the difference between living in Preston Hollow and living in the Park Cities?

Inquiring minds would like to know!

So here is brief run down of the pros and cons from a Realtor that has lived and works in these Tony neighborhoods. (I grew up here)

There are 3 huge differences between these two areas:

  1. Park Cities has an exemplary school system and always has, Preston Hollow is Dallas ISD but is located near all ivy league private schools.
  2. Park Cities has a population of around 33,000 total in a land mass that is 7 sq miles.  It’s a bit crowded especially with the TexasSUV’s.
  3. Preston Hollow is directly North of the Park Cities starting at Northwest highway and has huge lots and rolling terrain that is hard to find today.

The home appreciation in these neighborhoods has sky rocketed the past few years, Park Cities, which is Highland Park and University Park has hovered around 12-25% the last 4 years, Preston Hollow has had nice appreciation too, similar to Park Cites but depends on street and exact location.  The biggest difference is that Highland Park and University Park are there own townships and are not Dallas, so you have your own highly secure police and fire department and own government. Zip codes here are 75205 and 75225.

Preston Hollow is Dallas and you can vote in all Dallas elections to save the city! Dallas does need your vote! Both areas are close to downtown and shopping, hospitals, entertainment etc.  Park Cities was developed back in the 1920’s and 30’s and a gentrification has been going on for years.  Preston Hollow was developed more in the 1950’s etc. so the styles of homes are much different.  If you want land and space and want to pay for private schools, Preston Hollow is the way to go.

If you want exemplary schools including  home to SMU, then Park Cites should be your choice.  Either way you can’t go wrong it is just your personal preference.  There is a lot more to it then this but this is a good start if you are considering these areas. If you would like to know more insider scoop, I’m just an email away.