TEXAS, USA — An earlier version of this story originally appeared in the Dallas Business Journal, a WFAA news partner.
The Dallas Business Journal is kicking off a new real estate series called “Hottest Neighborhoods in North Texas,” and it's starting with a look at the 50 neighborhoods in Dallas-Fort Worth with the highest median values -- also called typical home values.
The king of the hill for home values in North Texas is Highland Park, with a median of $1,811,601 as of Aug. 31, according to a Zillow analysis by ZIP codes requested by the Business Journal.
University Park is hot on the heels of its estimable neighbor to the south, with a median home value of $1,773,641, followed by the Tarrant County hotbed of Southlake, with a median value of $1,185,721. The 75201 ZIP code, which includes parts of Downtown Dallas and Uptown, plus all of the Harwood District and Klyde Warren Park area, also weighs in with a median home value above the $1 million mark.
Typical home values in Highland Park and University Park have each risen 24% in the past year, and typical home values in Southlake have risen 23%. Typical home values are up 16% year over year in the 75201 ZIP code.
While the year-over-year increases in home values were impressive in North Texas’ most expensive neighborhoods, they weren’t the biggest percentage gains in the region. Some 80 ZIP codes across North Texas posted a gain of 25% or more in the past year, and those will be featured in an upcoming edition of “Hottest Neighborhoods in North Texas” — so stay tuned in the weeks ahead. For now, just know that a full 13 ZIP codes in the region rose by 30% or more in the past year -- including parts of Collin, Parker, Denton, Ellis and Hunt counties.
Rewind just a decade, and you won’t find any areas in North Texas where the median home value was more than $1 million.
Highland Park is up 108% over the past 10 years, from a median home value of $870,556 as of Aug. 31, 2012. University Park is up 112% from $837,851 in the same period.
The typical home value in Southlake is up 125% from $526,399 a decade ago, and the 75201 zone is 99% higher than the $532,022 typical home value on Aug. 31, 2012.
Despite interest rates and inflation being up sharply and the stock market plunge since the start of the year, Jonathan Rosen, a top luxury home real estate agent with national residential brokerage Compass, says demand continues to be strong for homes in the Park Cities. Prices of $1,000 per square foot have become the new basis for luxury homes in those neighborhoods, and Rosen predicts that benchmark will continue to rise.
“The buyer pool in Dallas is still very strong,” Rosen said. “There are just so many people coming here.”
Across price points, the frenzied pandemic housing market — marked by multiple offers often well above asking price after hours or a few days on the market instead of weeks — has cooled some, said Misty Michael, team lead for the Michael Team, which sells homes across DFW.
The DFW market is normalizing, and prices are correcting, Michael said in a roundtable hosted by real estate company Opendoor on Sept. 27.
“It’s definitely shifting,” she said. “We’re seeing a transition. While sellers still retain a very strong position in the market, there are signs of this transition.”
Added Michael: “It’s not back to a buyer's market yet. Sellers are learning that they can't overprice their homes and sell them quickly. On the flip side, as interest rates have increased, buyers have become more cautious and they're less willing to pay over market for homes.”
Bill Head, communications director for MetroTex Association of Realtors, said he doesn’t predict “drastic" decreases in prices, but he does see prices plateauing.
“I think the seller still has the upper hand right now,” he said. “Do I see it shifting? Oh yeah, but I think it's coming back more to a healthy market. I wouldn't say that we're anywhere close to a buyer's market yet.”
For more on this installment of “Hottest Neighborhoods in North Texas” and its methodology, please visit the original Dallas Business Journal story.
Here is the highest median home value by ZIP code, according to Zillow:
- 75205, Highland Park, Dallas County: $1,811,601
- 75225, University Park, Dallas County: $1,773,641
- 76092, Southlake, Tarrant County: $1,185,721
- 75201, Dallas, Dallas County: $1,058,002
- 75230, Dallas, Dallas County: $908,827
- 75209, Dallas, Dallas County: $906,831
- 76034, Colleyville, Tarrant County: $874,158
- 75078, Prosper, Collin County: $821,371
- 75214, Dallas, Dallas County: $766,265
- 75022, Flower Mound, Denton County, $742,920
- 75093, Plano, Collin County: $735,532
- 75013, Allen, Collin County: $724,960
- 75033, Frisco, Denton County: $717,799
- 75034, Frisco, Collin County: $717,770
- 75229, Dallas, Dallas County: $682,741
- 75035, Frisco, Collin County: $682,515
- 75244, Dallas, Dallas County: $678,293
- 75024, Plano, Collin County: $673,973
- 75030, Irving, Dallas County: $660,629
- 75182, Sunnyvale, Dallas County: $645,312
- 76226, Multiple cities, Denton County: $637,902
- 76109, Fort Worth, Tarrant County: $636,980
- 75009, Celina, Collin County: $626,102
- 76262, Roanoke, Denton County: $619,209
- 75019, Coppell, Dallas County: $617,132
- 75094, Murphy, Collin County: $614,404
- 75063, Irving, Dallas County: $613,803
- 75248, Dallas, Dallas County: $613,508
- 75252, Dallas, Collin County: $608,071
- 76248, Keller, Tarrant County: $607,751
- 75238, Dallas, Dallas County: $605,666
- 75036, Frisco, Denton County: $605,005
- 75206, Dallas, Dallas County: $601,898
- 75025, Plano, Collin County: $595,356
- 75072, McKinney, Collin County: $579,637
- 76008, Aledo, Parker County: $577,900
- 75082, Richardson, Collin County: $574,748
- 75071, McKinney, Collin County: $574,257
- 76005, Arlington, Tarrant County: $566,520
- 75028, Flower Mound, Denton County: $555,415
- 75032, Rockwall, Rockwall County: $555,222
- 75218, Dallas, Dallas County, $554,908
- 75070, McKinney, Collin County: $551,332
- 76051, Grapevine, Tarrant County: $539,125
- 75010, Carrollton, Denton County: $537,605
- 75054, Grand Prairie, Tarrant County: $531,500
- 76487, Poolville, Parker County: $523,680
- 75220, Dallas, Dallas County: $521,223
- 75204, Dallas, Dallas County: $520,852
- 76088, Multiple cities, Parker County: $517,806