Lochwood Neighborhood of East Dallas, TX – Year-To-Date Market Update Through May 2021

Those of you following the Lochwood real estate market have probably noticed many homes are selling very quickly and bidding wars are once again common. While it’s true that we’ve seen a significant increase in multiple offers and homes selling for at or over list price, more than one out of three homes actually sold for less than their list price which underscores how important proper pricing, high-quality marketing and thoughtful staging are for selling a home in any market.

May 2021 Real Estate Market Metrics for Lochwood:

• Median Sales Price – $375,000
• Median Sales Price per Square Foot – $244.81
• Median Days on Market – 8 days
• Average Percentage of Original List Price Received – 104.94%
• Number of Closed Sales – 12

So far, the month with the highest percentage of sales that closed over their original list price occurred in May, with eight of the 12 sales (67%) closing over list price.  Two others sold at exactly 100% of list price, and the remaining two homes sold for 97.3% and 98.5% of their original list price.

Of the 57 Lochwood homes that sold between Jan 1st and May 31st of 2021:

• 28 (49.2%) sold for over list price
• Seven (12.2%) sold for 100% of list price.
• 22 (38.6%) sold for less than list price, and the prices ranged between 89% and 98.5% of their list price.
• The average home sold for 99.16% of its original list price.

Of the 55 Lochwood homes that sold between Jan 1st and May 31st of 2020:

• Only six (10.9%) sold for over their original list price.
• Seven (12.7%) sold for full asking price.
• The remaining 42 (76.4%) sold for between 74% and 99% of their list price, and the average home sold for just 93.8% of list price.

Of course, Covid had a significant impact on early 2020 sales since the lockdown began in March. The remaining quarters of 2020 generally had stronger sales metrics.

And while the average days on market for the first five months of 2021 was 35 days, the median was just 9 days. This disparity between the median and average is partly the result of a few homes that were listed in the slower winter months that didn’t sell until after the first of the year. It’s also a result of a few listings that were overpriced and just took longer to sell.

Per Freddie Mac, the average 30yr fixed mortgage rate was 2.67% on 12/31.  This average climbed to as high as 3.18% on April 1st but has dropped back to 2.95% as of 5/31.  While rates remain near 50 year lows, a continued increase in rates may serve to dampen demand somewhat, although it would need to change significantly to balance out the demand relative to the historically low supply of homes, which stood at just 0.8 months of supply last month. The supply of homes was 2.1 months last April, so supply has effectively decreased by 2/3rds since this time last year.

Lochwood Real Estate Market Data and Charts

The Lochwood real estate market is as unique as Lochwood itself. Because of the uniqueness and location of the neighborhood and its homes, home buyers and sellers should educate themselves on the local real estate market conditions for Lochwood before buying or selling.

Median Sales Price (12 Month Moving Average)

The median sales price of homes in Lochwood has been very close to the median price of homes in the other areas of east Dallas for the last few years, but homes in Lochwood are still more affordable compared to many other areas of east Dallas.  Lochwood’s relative affordability, along with its many recreational amenities, proximity to White Rock Lake and lush greenbelts have attracted many home buyers to the neighborhood for many years.

Median Price per Square Foot (12 Month Moving Average)

The median price per square foot of homes in Lochwood is very comparable to the price per foot in the City of Dallas, but remains affordable compared to other areas of East Dallas.

Average Days on Market (Monthly)

In recent years, homes in Lochwood have sold very quickly on average.  They often sell much quicker than homes in other parts of Dallas due to the highly desirable location and affordability of homes in the neighborhood relative to other areas of East Dallas.

Percentage of Original List Price Received (12 Month Moving Average)

Months Supply of Home Inventory (12 Month Moving Average)

The supply of homes in Lochwood is one of the main drivers of the rise in prices over the last few years.  A “normal” housing market is considered by many economists to have a six to eight month supply of homes.  Lochwood has been well below this level for the last few years.

Homes for Sale (Monthly)

New Listings (Monthly)

Pending Sales (Monthly)

Closed Sales (Monthly)

* All data provided by NTREIS and charts powered by 10K Research.  Deemed reliable but not 100% accurate.