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Park Cities home prices are up 30 percent so far this year. (Brad Loper/The Dallas Morning News)
If you plan to buy a house in one of North Texas’ fashionable Park Cities neighborhoods, be prepared to dig deeper.
Median home sales prices in the Park Cities topped $1 million for the first time in the first quarter of 2014.
A mid-priced house in University Park or Highland Park will set you back $1.1 million, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.
That’s 30 percent more than what the median home sales price in the Park Cities was in first quarter 2013, the figures show.
Average per square foot sales prices in the Park Cities are up too this year – rising 14 percent in the first quarter to $352.
For all of North Texas, the first quarter median price was $174,000 and the average per square foot cost was just $100.
The reason median Park Cities home prices are rising so fast is that sales of million-dollar plus homes in North Texas are soaring. So far in 2014, 194 houses priced at $1 million and up have been sold by real estate agents.
That’s a third more of these highest priced home transactions than in first quarter 2013.