The unique townships of University Park and Highland Park are in the center of Dallas, Texas with their own schools, police and fire departments, and some of the most coveted properties in the area. Local Realtors say home prices in this high-dollar area are stable.
"Location, Location, Location," says Realtor Nora Ling Lane. "There is an incredible supply of homes currently in Highland Park and University Park. With interest rates very attractive, activity is picking up slightly, but is still slow in the $1,000,000 + price range. The market is very spotty. Certain areas are selling faster than others. It's still a great time to buy. Prices are stable and sellers are pricing them realistically. Those that are not, are sitting on the market for longer periods."
Lane explains, "University Park is a unique locale. Coupled with Highland Park, these two areas are still one of the most desired locations in Dallas because of the wonderful school district. Interest rates are at a 30-year-low, and sales are picking up. Consumer confidence is stable. Most of the activity is from out-of-town buyers. There is a great supply of homes to choose from in most price ranges. The homes that are selling the fastest are ones that are priced right and in prime locations."
Says Realtor Doug Browning, "Although interest rates are going up, activity seems to be going up as well. There is a lot of inventory currently on the market, and when listing, you should keep this in mind and put your best foot forward."
Realtor Ann C. Stewart says, "In comparison to this same time last year, the number of homes sold in the Park Cities has decreased from 662 to 645, the median price has increased from $551,500 to $570,000, and the average number of days a home takes to sell has increased from 76 to 80. In summary, the real estate market in the Park Cities continues to be strong, and sellers are getting more for their homes, but it is taking slightly longer to do so."
Click here to view current Market Conditions in your location.
Published: October 23, 2003
Use of this article without permission is a violation of federal copyright laws.
