As of the conclusion of 2023, the Lake Highlands area in Dallas, TX, reflects a real estate landscape characterized by stability and enduring value. Single-family homes in Lake Highlands concluded the year with a median sales price of $645,000, marking a minimal increase of less than 1% from 2022. This suggests a potential peak in the market, though the neighborhood witnessed a remarkable 167% increase from the challenging times of the 2008 Great Recession.
The average days on market in 2023 experienced a modest increase, rising from 24 to 35 days. However, remaining below the 90-day threshold, Lake Highlands retains its identity as a seller's market. In 2023, 964 homes sold, representing a 13% decrease from the previous year. Interestingly, this figure remained flat when compared to the sales volume observed in 2008, underlining the persistent challenge of low inventory in Lake Highlands and the broader Dallas-Fort Worth area.
Sales price distribution analysis reveals a consistent trend, with more than two-thirds of homes selling within the $400,000 - $899,999 price range. This reflects the ongoing demand for homes within this affordability bracket.
Looking ahead to 2024, Lake Highlands is poised to sustain its seller's market status. With interest rates continuing to decrease (measuring 6.61% for a 30-year fixed mortgage as of December 31, 2023), homeowners can anticipate favorable equity outcomes. While buyers remain active, the market may not experience the intense competition seen in previous years. Affordability remains a concern, with median home values hovering around $650,000.
For those contemplating selling their Lake Highlands homes in 2024, strategic planning is key. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic and stable real estate environment.
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Lake Highlands Historical Real Estate Trends
The sales price distribution trend for Lake Highlands is the pattern and distribution of home sale prices. The trend illustrates how properties are priced and sold across various value ranges, providing insights into the overall market dynamics and buyer/seller behavior.