interactive map shows DFW home sales by area.
By Troy Corman, t2realestate.com
In our crazy local Dallas real estate market, high-end homes are moving while lower cost home sales are stagnant. According to Steve Brown's recent Dallas Morning News article, home sales in Park Cities are up 41% year-over-year, marking the first increase in over four years.
On this opposite end of the spectrum, sales in Desoto, Cedar Hill and Lancaster are down 25%, 17% and 16% respectively.
The Texas A&M Real Estate Center reports that median prices in North Texas are up about 2% compared to 2009.
So what do the well off know that we mere mortals don't know?
"Those that have money are buying because they think this may definitely be the time in terms of pricing," said Dr. James Gaines, an economist at the Real Estate Center. "And a lot of people who have money can't figure out where else to put it.
"They're looking around and thinking in the long run they might just as well put their money in a house they can live in and enjoy."
In this low interest rate and rising inflationary environment, it sounds like a great idea to me!