Dallas Housing Market: Trends & Prices

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    Dallas Real Estate Market Overview

    (Last Updated – 11/2021)

    Texas may be the Lone Star State, but it sure isn’t lonely. Over 29.1 million people live in Texas, and 1.3 million of them reside in Dallas. What’s the attraction?

    First, if you like warmth, let’s talk about that. Dallas averages 234 sunny days a year, compared with the national average of 205. When it comes to snow, Dallas sees an average of 1 inch, just a nip compared with the national average of 28 inches. (Snow skiers and boarders can get their fix not far away.)

    But does the weather really matter if you have good grub? Dallas is known as one of the best cities in the country to find good barbecue, but it also has been a top 10 pick for vegans.

    Dallas is also fairly affordable, as big cities go. The cost of living is 4% higher than the national average, according to the Council for Community and Economic Research’s 2021 Q2 Cost of Living Index.

    Recommended: Cost of Living in Texas (2022)

    One factor that’s true across the country: Dallas housing prices have been on the rise. In the past year, the average home value went up roughly 10% since last year, according to Redfin.

    It can be informative to also look at price-to-rent ratios.

    If you’re considering buying property in Dallas, saddle up and keep reading.

    Recommended: Home Ownership

    $383,000

    Median Sale Price

    $217

    Avg. Price Per Sq. Foot

    26 days

    Avg. Time on Market

    Dallas Housing Market Forecast

    If you’re looking to buy, you’ll want to know that experts predict that real estate prices will continue trending upward in the Dallas metro area over the next year.

    Here’s a glimpse.

    Housing market forecast chart

    *Graph taken from Zillow as of 09/2021

    Demographics of the Dallas Market

    Why move to Dallas, besides the barbecue and a world of other cuisines? Let’s take a look at some of the top reasons you might want to consider a move to Dallas-Fort Worth.

    Employment opportunities in the area are heating up. As part of the economic recovery, employment in the Dallas-Fort Worth area grew 5.4% from 2020 to 2021, taking the workforce from 3.61 million to 3.81 million employees.

    You might want to check out career opportunities at one of LinkedIn’s 25 Top Companies in the Dallas-Fort Worth area, such as Amazon, State Farm, Deloitte, or Texas Instruments if you’re looking for a new job. Feel free to head outside and enjoy a little sun on your lunch break, as on average there is a 61% chance of sunshine in this city.

    Median Income: $52,580

    Median Age: 33.7

    College Educated: 33%

    Homeowners: 41%

    Married: 44%

    Oak Lawn

    Oak Lawn is known for its support of the LGBT community and every September hosts a large Pride event.

    The neighborhood, just north of downtown Dallas, features tons of modern restaurants and shops, but nature lovers will probably prefer taking a stroll by Turtle Creek, which connects a number of parks.

    Quick Facts

    Population:

    25,120

    Median Age:

    35.7

    Housing Units:

    18,100

    Bike Score:

    76

    Walk Score:

    86

    Transit Score:

    59

    Average Household Income:

    $117,636

    Oak Lawn Market

    Homes in Oak Lawn currently cost significantly more than the Dallas average. Prices rose 14% in the past year.


    Average Sale Price

    $467,000

    Average Price Per Sq. Foot

    $276


    Lake Highlands

    The public schools in Lake Highlands may be one of the worst-kept secrets in all of Texas. Families flock to this neighborhood, consisting of dozens of subdivisions, because of the highly rated schools and easy access to big-city amenities.

    Parkland and trails lead to White Rock Lake for those looking for an active lifestyle.

    Quick Facts

    Population:

    51,059

    Median Age:

    33

    Housing Units:

    22,943

    Bike Score:

    49

    Walk Score:

    42

    Transit Score:

    42

    Average Household Income:

    $77,449

    Lake Highlands Housing Market

    If you’re on a budget, consider looking for a home in Lake Highlands. The average home price is a bit below the Dallas average, and prices dipped 6.5% in the past year.


    Median Sale Price

    $365,000

    Average Price Per Sq. Foot

    $199


    Cedar Crest

    Cedar Crest residents have access to the Trinity River greenbelt and, farther south, the Balcones Canyonlands National Wildlife Refuge.

    But there are restaurants and shops to enjoy as well, and downtown Dallas is only 20 minutes away.

    Quick Facts

    Population:

    3,329

    Median Age:

    33

    Housing Units:

    1,347

    Bike Score:

    49

    Walk Score:

    44

    Transit Score:

    47

    Average Household Income:

    $45,049

    Cedar Crest Housing Market

    Home prices were up 8.1% year over year. Even so, homes in this neighborhood are still well below the Dallas average.

    Houses stay on the market for about 27 days. Cedar Crest is considered a balanced market, so it may be worth it for buyers to take a look.


    Median Sale Price

    $200,000

    Average Price Per Sq. Foot

    $158


    Wolf Creek

    Only 21 minutes from downtown, Wolf Creek offers an easy commute. This family-friendly neighborhood has 22 schools and is known for its community spirit.

    80% of locales reported the yards are well-kept in this area and 66% feel there is plenty of holiday spirit.

    Quick Facts

    Population:

    14,869

    Median Age:

    33

    Housing Units:

    5,915

    Bike Score:

    42

    Walk Score:

    30

    Transit Score:

    39

    Average Household Income:

    $47,625

    Wolf Creek Housing Market

    Current home prices in this neighborhood are up nearly 40% since last year, although the average home price is still well below that of the Dallas area.

    Houses are going for about 1% above list price and are on the market for about 18 days.


    Median Sale Price

    $250,000

    Average Price Per Sq. Foot

    $144


    Winnetka Heights

    This small community peppered with historic homes is a dreamy place to raise a family or enjoy the single life. Food and art lovers can take advantage of the local restaurant scene and close proximity to the trendy Bishop Arts District.

    The neighborhood is popular with visitors but is also the perfect place for locals to call home.

    Quick Facts

    Population:

    29,706

    Median Age:

    34.7

    Housing Units:

    12,026

    Bike Score:

    52

    Walk Score:

    55

    Transit Score:

    46

    Average Household Income:

    $96,000

    Winnetka Heights Housing Market

    Home values in Winnetka Heights remain solid and well above the average home price for the Dallas area.

    Listings are few and remain on the market for about 23 days.


    Sale Price

    $645,000

    Average Price Per Sq. Foot

    $322



    SoFi Home Loans

    It’s easy to see why the Dallas real estate market has been active. There are some amazing neighborhoods to choose from, whether you’re single or have a family to look after.

    If you think Dallas could be your home sweet home, then you may need to consider your home loan options.

    If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.

    Learn More


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