Park Cities’ median home price $1M for first time

UNIVERSITY PARK, HIGHLAND PARK – Median home sales prices in the Park Cities topped $1 million for the first time in first quarter 2014, according to the latest data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

The median price of $1.1 million set in 1Q 2014 marks a 30 percent increase from 1Q 2013. Average per sf sales prices are also up, rising 14 percent in 1Q 2014 to $352.

The rise in median price of Park Cities homes is due to an increase in million-dollar home sales across North Texas. In 1Q 2014, 194 houses priced at $1 million and up were sold by real estate agents, a third more than were sold in 1Q 2013.

The condo and townhome market in the Park Cities area is also growing. In 1Q 2014, the average price per sf was $214, a 12 percent increase from 1Q 2013. Sold to list price in the market was 97 percent, and units averaged 70 days on the market.

Across North Texas, the 1Q 2014 median price was $174,000 and average per sf cost was $100.

For more stats, see Housing under DFW Market Data Sources.