As of the close of 2023, University Terrace in Dallas, TX, has proven itself as a resilient and sought-after neighborhood, navigating the real estate landscape with notable trends and enduring appeal. The community concluded the year with a median sales price of $610,000, representing a slight decrease of 1.5% from 2022 but an impressive 122% surge from the depths of the 2008 Great Recession.
The average days on market in 2023 remained at an all-time low, with homes spending an average of 30 days on the market. Staying below the 90-day mark, University Terrace retains its position as a robust seller's market. In 2023, 23 homes sold, indicating a slight increase of 1 from the previous year and 3 less compared to the pre-recession levels of 2008. This reflects the persistent challenge of low inventory not only in University Terrace but also in the broader Dallas-Fort Worth area.
Sales price distribution analysis unveils an intriguing pattern, with more than 75% of homes sold between $400,000 and $899,999 for both 2022 and 2023. Notably, homes priced at $1,000,000 or more were primarily new builds entering the sales market, showcasing a distinctive market segment.
Looking ahead to 2024, University Terrace is expected to maintain 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 buyer activity remains robust, the market may not experience the intense competition seen in previous years. Affordability remains a concern, with median home values maintaining their current peak.
For those contemplating selling their University Terrace homes in 2024, strategic planning is key. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic and popular real estate environment.
Click here to see current month to month University Terrace real estate trends & statistics:
University Terrace Historical Real Estate Trends
The sales price distribution trend for University Terrace 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.