Merriman Park/University Manor Real Estate Statistics 2024
As of the conclusion of 2023, Merriman Park/University Manor (MPUM) in Dallas, TX, stands as a resilient neighborhood in the city's real estate landscape. Boasting a median sales price of $673,000, the neighborhood witnessed a commendable 7% increase from 2022 and a remarkable 178% surge from the tumultuous days of the 2008 Great Recession.
The average days on market in 2023 held steady at a near-all-time low of 24 days, a testament to the brisk pace of transactions. Remaining below the 90-day mark, this reaffirms MPUM's status as a robust seller's market.
In 2023, 34 homes sold, indicating sustained demand in the face of low inventory, albeit a slight dip from the previous year. Nonetheless, this figure represents an impressive 9-home increase since 2008, underscoring the neighborhood's enduring appeal.
A closer look at the sales price distribution reveals a notable shift. In 2022, 60% of homes sold for less than $650,000, while in 2023, a mirrored percentage of homes commanded prices exceeding $650,000. This trend indicates an upward shift in the overall value of residential properties within MPUM.
Looking forward to 2024, the seller's market is expected to persist. With declining interest rates at 6.61% for a 30-year fixed mortgage as of December 31, 2023, homeowners are poised to enjoy favorable equity gains. While buyer activity remains robust, the market may not witness the intense competition seen in previous years. Affordability remains a concern, with median home values inching closer to $700,000.
For those considering selling their MPUM homes in 2024, strategic planning is key. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic real estate environment.
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Merriman Park/University Manor Historical Real Estate Trends
The sales price distribution trend for MPUM 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.