As of the close of 2023, Lakewood in Dallas, TX, continues to be a bastion of prestigious real estate, navigating a dynamic market landscape. The neighborhood concluded the year with a median sales price of $1,255,000, marking a 4% decrease from the previous year. However, when viewed against the backdrop of an astounding 188% increase from the 2008 Great Recession, it becomes evident that Lakewood has experienced significant long-term appreciation.
The 4% decrease from 2022 suggests that Lakewood reached its peak in that year, with a median sales price of $1,312,500. Despite this adjustment, the neighborhood retains its position as a desirable and affluent residential area.
The average days on market in 2023 remained impressively low, ticking up from 20 to 35 days. Nevertheless, staying below the 90-day mark affirms Lakewood's status as a seller's market. In 2023, 125 homes sold, marking a notable decrease of 49 homes or 28% from the previous year and representing a 16-year low in home sales from 2008. This underscores the persistent challenge of low inventory not only in Lakewood but also in the broader Dallas-Fort Worth area.
Looking forward to 2024, the seller's market is anticipated to continue for Lakewood. With interest rates continuing to decrease (measuring 6.61% for a 30-year fixed mortgage as of December 31, 2023), homeowners can expect favorable equity outcomes. While buyers remain active, the market may not witness the intense competition seen in previous years. Affordability remains a concern, with median home values surpassing the $1,200,000 threshold.
For those considering selling their Lakewood homes in 2024, strategic planning is essential. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic and prestigious real estate environment.
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Lakewood Historical Real Estate Trends
The sales price distribution trend for Lakewood 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.