Homes are staying on the market for less than two weeks in Preston Hollow and surrounding areas, as well as Park Cities, July statistics from the North Texas Real Estate Information Systems and MetroTex Association of Realtors show.
The days a home stayed on the market averaged 10 days in Preston Hollow, six days in Midway Hollow, and eight days in the Park Cities, and all three areas had roughly a half month of supply.
And this is likely what drove a precipitous drop in new listings compared to last July – an 82.6% drop year-over-year in the Park Cities, almost 82% in Preston Hollow, and about 67% in Midway Hollow.
Homes in Midway Hollow are going for 100% of the list price, and Preston Hollow and the Park Cities aren’t too far behind at 99% and 98%, respectively.
Countywide, median home prices in Dallas County are up 15.9% compared to last July, and active listings are down 38.3%. There is roughly a month-and-a-half of housing inventory, and homes are spending roughly 22 days on market (55 if the closing period is factored in as well).
Statewide, the median price is up by 15.7%, and active listings are down 29.7%, with 1.6 months of inventory.