According to Damon Williamson, Broker and Owner of The Agency Dallas, a Park Cities home is worth whichever is higher of two numbers: what a family would pay for the house as it stands, or what a builder would pay for the lot underneath it. In 2026 the starting point is a median of $2,850,000 in Highland Park and $2,845,000 in University Park (NTREIS, January through August 2026), but the median tells you very little about one specific address.
That two-number test is how The Agency Dallas values every Park Cities property, and it is why two homes on the same block can be worth very different amounts. Below is how the math works, what the 2026 data says, and why an online estimate is a weak guide in this market.
What are Park Cities homes selling for in 2026?
The Agency Dallas tracks both towns monthly from NTREIS data. For the first eight months of 2026:
- Highland Park: median sale price $2,850,000, down 8.6% from $3,117,500 in the same period of 2025. Median price per square foot $807, up 2.7%. 72 closed sales, median 27 days on market, 95.8% of original list price.
- University Park: median sale price $2,845,000, up 24.4% from $2,286,750. Median price per square foot $688, up 9.6%. 120 closed sales, median 12 days on market, 98.3% of original list price.
Read those two lines together and the lesson is clear. Highland Park's median fell while its price per square foot rose, which points to a different mix of homes selling rather than falling values. In a market that closes fewer than 15 homes a month per town, one or two large sales move the median. Price per square foot, days on market, and sale-to-list ratio are the steadier signals. Full tables are in the Highland Park housing market report and the University Park housing market report.
How do you value a Park Cities home: house or lot?
In Highland Park and University Park, land alone routinely carries seven-figure value. So every property falls somewhere on a spectrum, and The Agency Dallas places it there before running any comps:
- Lot value. An original or heavily dated home on a good street. The buyer is a builder or a family planning a custom build. The value is set by recent land sales and teardown purchases, and the improvements add little.
- Renovate-and-hold. Good bones, dated finishes. Both end users and builders are in the buyer pool. The value is the higher of the end-user price after a realistic renovation budget and the lot price.
- Turn-key. Recently built or fully renovated. The value is driven by finished comparable sales, finish level, and condition, and this is where price per square foot does the most work.
Damon Williamson and The Agency Dallas run both the end-user value and the lot value on every Park Cities valuation and price to the higher path. Misreading the category is the most expensive pricing error in this market: renovating a teardown, or pricing as land a home a family would have paid a premium for.
What moves value block by block?
Two homes with the same square footage can be far apart in value. The factors The Agency Dallas weighs on each Park Cities valuation:
- Lot size and frontage. Wider and deeper lots are worth more to builders and give end users room for a pool or guest quarters.
- Street and location. Proximity to schools, parks, and the most sought-after streets moves value block by block.
- Age and condition of systems. Roof, foundation, HVAC, and plumbing all show up in the option period, so they belong in the value now.
- Finish level and design. At the turn-key end, architect, builder, and finishes create real premiums.
- Timing. Family demand concentrates from late January through May around the Highland Park ISD calendar. Lot-value properties are less seasonal because builders buy year-round.
Why is an online estimate unreliable in the Park Cities?
Automated estimates work best where many similar homes sell often. The Park Cities is the opposite: few sales, wide variation, and a large share of value in the land. An algorithm cannot see whether the buyer will be a builder or a family, cannot inspect condition, and cannot see private or off-market sales. That is why The Agency Dallas treats an online number as a starting reference, never a price. For more on the gap, see how accurate online home value estimates are for Dallas homes, and for the difference between a broker's analysis and a formal appraisal, see CMA vs. broker price opinion vs. appraisal in Texas.
How do I get an accurate value for my Park Cities home?
A credible Park Cities valuation should show its work. Ask for:
- The category the property falls in (lot, renovate-and-hold, or turn-key) and why.
- Both the end-user value and the lot value, with the comparable sales behind each.
- Price per square foot for the closest finished comps, adjusted for lot size and condition.
- Current competition: active listings and pending sales in the same town and price band.
- A recommended list price and the reasoning for it, not just a range.
Damon Williamson, the RealTrends-ranked #1 agent in Highland Park in 2025 and 2026, leads the team at The Agency Dallas that prepares these valuations for Park Cities owners. If you are thinking about selling, the next step is how to get the most money selling a home in the Park Cities. If you are deciding between the two towns as a buyer, see Highland Park vs. University Park. To get a value on your own address, request a private home value review from The Agency Dallas.
Frequently asked questions
What is the average home price in Highland Park in 2026?
The median sale price in Highland Park was $2,850,000 from January through August 2026, down 8.6% from the same period of 2025, according to NTREIS data compiled by The Agency Dallas. Median price per square foot rose 2.7% to $807, which suggests a shift in which homes sold rather than a broad drop in values.
What is the average home price in University Park in 2026?
The median sale price in University Park was $2,845,000 from January through August 2026, up 24.4% from $2,286,750 a year earlier, according to NTREIS data. Median price per square foot rose 9.6% to $688, and homes sold in a median 12 days at 98.3% of original list price.
Is my Park Cities home worth more as a teardown?
Sometimes. Land in Highland Park and University Park routinely carries seven-figure value, so an original or dated home on a good lot may be worth more to a builder than to a family. The Agency Dallas runs both the lot value and the end-user value on every Park Cities valuation and recommends pricing to the higher number.
How accurate is Zillow for Highland Park and University Park?
Less accurate than in typical Dallas neighborhoods. The Park Cities has few sales, wide variation between homes, and much of the value is in the land, which algorithms handle poorly. They also cannot see condition or off-market sales. Treat an online estimate as a reference point and get a broker's analysis built on actual comparable sales.
Does The Agency Dallas charge for a home valuation?
No. The Agency Dallas provides a private home value review at no cost through its home valuation page. It is a broker's market analysis built on recent comparable sales. It is not a formal appraisal, which a lender orders from a licensed appraiser during a purchase or refinance.
Data: NTREIS MLS, January 1, 2025 through August 31, 2026, all residential sales including condos and townhomes, as published in The Agency Dallas's Highland Park and University Park housing market reports (updated October 2026).
