2020 has been an interesting year for residential real estate. While the world was shut down for 2+ months from March to June, the real estate market kept up at a healthy pace.
Let's take a look at the area known as traditional North Dallas/Preston Hollow. First, we will look at the area bound by LBJ to the North and Royal Lane to the south, between Midway Road and Central Expressway. We are going to focus on properties built from 1950-1980 on lots measuring .3 acres to .49 acres. Here are the results year over year for the last 5 years:
| Year|| Sales || Median Price|
| 2020 || 113|| $722,500|
| 2019|| 172|| $657,500|
| 2018|| 158|| $675,500|
| 2017|| 192|| $626,500|
| 2016|| 159|| $620,000|
So, looking at these numbers, the median sale price for this type property in this area is up 16.5% over the last 5 years. This in the middle of a crippling pandemic.
Now let's focus on the same class of property, but in the area bound by Royal Lane to the North, Northwest Highway to the South, between Midway Road and Central Expressway.
| Year|| Sales|| Median Price|
| 2020 || 37|| $805,000|
| 2019|| 50|| $749,400|
| 2018|| 58|| $747,500|
| 2017|| 71|| $700,000|
| 2016|| 67|| $650,000|
These numbers indicate that the median sale price for this class of property is up 23.8% over the last 5 years.
Between the gain in market price and record low interest rates, it is a great time to explore selling your property.