According to a recent article from The Dallas Morning News, North Dallas home prices jumped 14 percent in May – one of the largest year-over-year gains ever recorded for the area.
Median home sale prices reached a record $215,000 last month for preowned single-family homes sold by real estate agents, the Dallas Morning News reports.
In addition to the area’s home prices, the number of sales also increased in the North Dallas market. Home sales in the area were up 6 percent from May 2014 with 9,484 properties sold. This marks the largest one-month sales total ever for North Texas, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
National surveys show that the Dallas-Fort Worth area is seeing the largest annual home price gains in the country.
Last month’s strong sales and dramatic price jumps indicate that the North Texas area around Dallas is rapidly becoming a seller’s market.