As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016. North Texas Median sales prices are up 10 percent this year to record levels and pre-owned total homes sold were 6 percent higher through the first nine months of 2016 compared with the same period last year. North Texas is on track to sell more than 100,000 pre-owned houses this year — the greatest number ever. Prices have continued to rise in all but a handful of the 45 residential districts The Dallas Morning News tracks each quarter. The median Sales Price was up 12.5 percent to $225,000. The biggest price gains this year have been in more modest-priced neighborhoods. Sales of multi-million-dollar homes has dropped in recent months while home sales are surging in more affordable communities such as Lancaster, DeSoto, Mesquite and Cedar Hill. Home sales are up by more than 30 percent this year in Lancaster and are almost 20 percent higher in DeSoto for the first nine months of the year. In The Colony, sales are up 14 percent. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed. New Listings were up in the North Texas region 1.3 percent to 11,332. Pending Sales decreased 10.2 percent to 7,662. Inventory shrank 9.1 percent to 25,005 units. The North Texas region month’s Supply of Inventory was down 12.5 percent to 2.8 months., indicating that demand increased relative to supply. In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing.

  • Sources: Real Estate Center at Texas A&M University, the North Texas Real Estate Information Systems and the Dallas Morning News

The medium sales price in Collin County was $300,700, up 9.3% for the 3rd quarter 2016 compared to the 3rd quarter 2015. The medium sales price in Dallas County was $210,000, up 13.5% for the 3rd quarter 2016 compared to the 3rd quarter 2015. The medium sales price in Denton County was $270,000, up 9.8% for the 3rd quarter 2016 compared to the 3rd quarter 2015.

City

Sold Volume 3rd Quarter

# of Sales 3rd Quarter

Median Sales Price 3rd Quarter

Average Days on Market (Sold Listings)

Addison

$13,119,410

34

$356,500

20

Allen

$165,937,920

480

$301,000

33

Carrollton

$120,845,364

452

$245,000

25

Celina

$38,025,504

99

$343,280

62

The Colony

$51,652,140

177

$265,000

21

Dallas North Oak Cliff

$72,908,225

325

$160,000

39

Dallas South Oak Cliff

$35,311,605

321

$115,000

34

Dallas – Oak Lawn

$38,610,450

75

$460,000

40

Far North Dallas

$120,563,492

262

$385,500

34

North Dallas

$194,924,228

188

$802,500

57

East Dallas

$267,550,848

666

$355,000

34

Northwest Dallas

$67,592,474

178

$331,139

33

Northeast Dallas

$78,924,829

223

$345,000

37

Denton

$116,751,195

489

$223,000

35

Fairview

$25,808,208

48

$394,998

39

Flower Mound

$159,592,125

386

$376,000

36

Frisco

$426,694,712

982

$385,000

38

Garland

$129,034,713

669

$177,500

24

Highland Park

$57,750,000

35

$1,650,000

83

Lewisville

$111,562,282

394

$240,000

36

Little Elm

$99,855,830

373

$249,000

43

Lucas

$35,663,420

52

$599,500

70

McKinney

$337,085,840

1064

$289,900

33

Plano

$347,075,508

988

$310,000

29

Prosper

$100,507,400

206

$452,500

83

Richardson

$98,367,052

329

$268,000

23

Rockwall

$78,974,301

257

266,000

43

Rowlett

$64,138,140

261

$235,500

30

Sachse

$35,179,056

121

269,900

30

Southlake

$112,237,664

154

$657,500

59

University Park

$91,757,552

64

$1,285,000

68

*NTREIS Sold information as of 10/08/2016