Photo courtesy Getty Images.
New home listings have slowed in Preston Hollow, 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 six ZIP codes in Preston Hollow, there was a visible decline in the number of new home listings since July of last year.
The drop was most noticeable in ZIP codes 75209, which decreased by roughly 60% from the month of July to the end of January this year. ZIP code 75230—which consistently had the most number of new homes available—was affected the least, with a roughly 36% decline over six months.
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 Preston Hollow neighborhoods.
These numbers followed a similar trend as the drop in new listings, but had a less drastic decline than new listings did at the ZIP code level. The largest drop—roughly 34%—was seen in ZIP code 75209, while ZIP codes 75229 and 75225 saw a less than 5% decrease in homes sold from August to January.
Total home sales dropped across Dallas as a whole, with a nearly 28% decrease from July to January. 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 two Preston Hollow ZIP codes.
This is part of a gradual trend in Preston Hollow neighborhoods.
In the last five years, listing prices have increased more than 35% in each of the ZIP codes in the area, with the exception of ZIP code 75209. The largest gain came from ZIP codes 75225 and 75229, both of which saw an increase of 56%.
ZIP code 75209 had also seen an increase of more than 30% before dropping to a price level below those seen in 2016 during the last few months of 2020 and start of 2021.
Final sale prices for homes have increased as well over the last five years. Explore these changes in Preston Hollow and surrounding areas using the map below.
