Richardson Heights - Days on Market

Richardson Heights is a residential neighborhood in northwest Richardson. The area of interest in our study, are homes that fall north of Beltline, south of Campbell, east of Coit, and west of US-75. The single family detached homes in this area were generally constructed between 1955 and 1965. Despite the homes being approximately 50 years of age, several realtors have told me that this area is a "hot" market. The major factors they point to is solid public schools (Richardson ISD in 2005 had 50% or more of their schools rated "exemplary" or "recognized"), affordable homes (generally between 130-180k in this area), and as the old saying goes, location, location, location! Homes in this pocket of Richardson have access to Dallas North Tollway, President George Bush Hwy (190), US75 (Central Expy), and I-635 all within a 3 mile radius.

We'd like to test the correlation between DOM (Days on Market) and the sales price. Our contention is that homes whose DOM far exceeds the median DOM for this area end up settling (closed sales) at values below the median for the area.

Ali Samee, Barrett Shepherd, Jerry Burbridge