Current Real Estate Market Trends:
Average price per square foot for Dallas TX was $68, an increase of 7.9% compared to the same period last year. The median sales price for homes in Dallas TX for Feb 10 to Apr 10 was $80,358 based on 538 home sales. Compared to the same period one year ago, the median home sales price increased 8%, or $5,967, and the number of home sales increased 88.1%.
The average listing price for homes for sale in Dallas TX was $517,143 for the week ending May 12, which represents an increase of 1.5%, or $7,559, compared to the prior week. Popular neighborhoods in Dallas include Preston Hollow and Oak Lawn, with average listing prices of $807,381 and $550,258.
History of Dallas:
The second-largest city in Texas and the seat of Dallas County. It is situated 185 mi northeast of Austin on the Trinity River near the junction of its three forks.
Dallas was first settled by Tennessee lawyer John Neely Bryan as a trading post on the Trinity River in 1841. Many historians believe that Bryan named the city after George Mifflin Dallas, vice president under James K. Polk, but there is no official agreement on this. It was incorporated as a town in 1856 and as a city in 1871. Located in the chief cotton-producing region of Texas, the city developed as a cotton market in the 1870s.
The economy is highly diversified, and the city is the leading commercial, marketing, and industrial center of the southwest. The insurance business is important, and the service sector has experienced rapid growth. Dallas is also a popular tourist and convention city.