As of the conclusion of 2023, Ridgewood Park in Dallas, TX, presents a real estate landscape marked by stability and resilience. The neighborhood achieved a median sales price of $650,000, showcasing minimal growth from 2022 yet an impressive 122% surge from the challenging days of the 2008 Great Recession.
The average days on market remained at an all-time low in 2023, with homes spending an average of 18 days on the market. This further solidifies Ridgewood Park's position as a robust seller's market, considering the threshold of 90 days as indicative of such conditions.
In 2023, 26 homes sold, representing a notable increase of 12 from the previous year and an additional 2 compared to the pre-recession levels of 2008. This heightened activity underscores the persistently low inventory in Ridgewood Park and mirrors broader trends in the Dallas-Fort Worth area.
A closer examination of the sales price distribution reveals intriguing patterns. In 2022, 65% of homes were sold within the price range of $550,000 - $749,999. In 2023, this percentage increased to 77%, reflecting the consistent median price and the neighborhood's appeal within that specific range.
Looking ahead to 2024, Ridgewood Park is poised to sustain its seller's market momentum. With interest rates continuing to decline (measuring 6.61% for a 30-year fixed mortgage as of December 31, 2023), homeowners stand to benefit from favorable equity gains. While buyer activity remains robust, the market may not experience the intense competition of previous years. Affordability remains a concern, with median home values maintaining their current peak.
For those contemplating selling their Ridgewood Park homes in 2024, strategic planning is essential. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic real estate environment.
Click here to see current month to month Ridgewood Park real estate trends & statistics:
Ridgewood Park Historical Real Estate Trends
The median sales price is the middle price of all the real estate sales prices in Ridgewood Park. The median sales price is the price at which half of the properties sold for more and half sold for less. See how the median sales price in Ridgewood Park has trended since 2008.