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New home listings have slowed in Lake Highlands, causing the number of homes sold in the area to drop. With this slowing has come a rise in sales prices—something seen across Dallas and the state of Texas, according to data collected by consultants HiGeorge.
Explore these changes in our neighborhood through a series of graphs below.
Less homes on the market
In the four ZIP codes in Lake Highlands, there was a visible decline in the number of new home listings since July of last year.
Each of the ZIP codes had a similar decrease in listings, with a drop of close to 40%. ZIP code 75238 had the highest rate of decline at roughly 46%, while ZIP code 75231 stayed the most steady, with a decrease of 39% over the six month period.
In all of Dallas, trends show a similar decline from July to the end of the year in both 2019 and 2020. These numbers increased in January each year, but were still lower in 2020 and 2021 than in 2019.
The number of new homes appears to be on the rise in the early months of 2021.
Home sales drop
With less homes on the market to sell, the number of homes sold has also dropped in the Lake Highlands neighborhood.
These numbers followed similar trends as the drop in new listings, but had a less drastic decline. The largest drop—roughly 38%—was seen in ZIP code 75238 from July to January.
Total home sales dropped across Dallas as a whole as well, with a nearly 28% decrease in the same time period. However, the number of sales were still significantly higher than in 2019. This trend changed in early 2021, when the number of homes sold fell below levels from both previous years in March and April.
A more expensive market
The cost of homes has increased at the same time that the market has downsized its available inventory in all but one Lake Highlands ZIP codes.
This is part of a gradual trend in the Lake Highlands neighborhood.
In the last five years, listing prices have increased more than 35% in each of the ZIP codes in the area. The largest gain came from ZIP codes 75231 and 75243, both of which saw an increase upward of 100% in listing prices.
ZIP code 75231 fluctuated the most on the way to its current cost, while other ZIP codes remained more steady in their increases.
Final sale prices for homes have increased as well over the last five years. Explore these changes in Lake Highlands and surrounding areas using the map below.
