Dallas Housing Market: Trends & Prices
Dallas Real Estate Market Overview
(Last Updated – 03/2020)
When you stop and think about it, the Lone Star State isn’t all that lonely. After all, 28.7 million people live in Texas—and a large chunk of those people happen to reside in Dallas. 1.35 million people call Dallas home and we can see why.
First, let’s talk about the sun. Dallas averages 234 sunny days per year—which is pretty darn good when you consider the national average is only 205. And when it comes to snow, Dallas sees an average of only 1 inch, considerably less than the national average of 28 inches.
Rain or shine, does the weather really matter if you have good food to eat? Dallas was named one of the best cities in the country to find good BBQ food.
Beautiful weather combined with delicious restaurants sounds like a winning combo. Dallas also has a relatively affordable cost of living as far as big cities go. The cost of living in this city is only 2% higher than the national average.
That may be why Dallas housing prices have been on the rise. In the past year, the average home price in Dallas has gone up since last year. If you’re considering buying a property in the great city of Dallas, you’ll want to keep reading for fast facts about the Dallas real estate forecast, neighborhood demographics, and home prices.
Overall Dallas Market Trends
While the housing market in Dallas has heated up with the average selling price increasing in the past year, the market is projected to soften a bit in the coming year which could be a signal that buyers may be at an advantage.
Homes in this city currently sell for about 3% below list price on average with an average of about one offer per home.
$287,000
Avg. Home Price
$169
Avg. Price Per Sq. Ft
60 days
Avg. Time on Market
Dallas Housing Market Forecast
If you’re looking to buy, we have some good news for you. Although Dallas home prices have gone up since last year, experts are anticipating a possible fall in prices over the next year.
You’ll want to move quickly if you fall in love with a house, as the average Dallas home only spends 38.5 days on the market.
Demographics of the Dallas Market
Texas is a massive state and one that has a lot to offer. Dallas is just one of the many gems you can find in Texas—although the BBQ food is really the shining star! Before you make a move, you might want to consider some of the key demographics of the Dallas real estate market.
Why move to Dallas besides BBQ? Let’s take a look at some of the top reasons why you should consider a move to Dallas – Fort Worth.
Employment opportunities in Dallas – Fort Worth housing market are heating up! From just 2017 to 2018, employment in this area grew 2.89%, taking their workforce from 3.71M to 3.82M employees.
You might want to check out some of the amazing career opportunities at big companies like Facebook 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: $52,210
Median Age: 33.3
College Educated: 32%
Homeowners: 40.2%
Married: 44%
Popular Dallas Neighborhoods
You know what they say: Everything is bigger in Texas. And that includes your options for great neighborhoods to live in.
Which is why we went ahead and did some of the work for you and researched five of them. Keep reading for some fast facts about a few popular Dallas neighborhoods.
Oak Lawn
Oak Lawn is best known for its support of the LGBT community and every September they come together to support the community at a large Pride event.
There are tons of modern restaurants and shops to choose from, but nature lovers will probably prefer taking a stroll by the beautiful Turtle Creek which connects the Reverchon Park, Dragon Park, and the Oak Lawn Park.
Quick Facts
Population:
18,794
Median Age:
33.9
Housing Units:
8,340
Bike Score:
76
Walk Score:
86
Transit Score:
59
Average Household Income:
$56,633
Oak Lawn Market
If you want to buy a home in Oak Lawn, you may want to wait a bit and keep an eye on housing prices. Current home prices in this neighborhood are up 38% since last year.
Homes in Oak Lawn currently cost significantly more than the Dallas average.
Average Home Price
$415,000
Average Price Per Sqare Ft.
$248
Lake Highlands
The amazing public schools in Lake Highlands may be one of the worst-kept secrets in all of Texas. Families flock to this neighborhood because of the highly rated schools and easy access to big city amenities.
Not to mention, there is parkland and trails that lead to White Rock Lake for those looking to live an active lifestyle.
Quick Facts
Population:
22,264
Median Age:
42.4
Housing Units:
11,149
Bike Score:
49
Walk Score:
45
Transit Score:
42
Average Household Income:
$103,739
Lake Highlands Housing Market
If you’re on a budget, then consider looking for a home in Lake Highlands. The average home price is still above the Dallas average, but homes prices are 2.5% above what they were compared to last year.
Average Home Price
$323,000
Average Price Per Square Ft.
$166
Cedar Crest
Cedar Crest is a haven for nature lovers. Despite being only 20 minutes from Downtown Dallas, Cedar Park is near both Lake Travis and the Balcones Canyonlands National Wildlife Refuge.
Of course, there are plenty of restaurants and shops to enjoy at the Lakeline Mall if you’re looking for a break from the great outdoors.
Quick Facts
Population:
3,245
Median Age:
33
Housing Units:
1,310
Bike Score:
49
Walk Score:
45
Transit Score:
47
Average Household Income:
$39,150
Cedar Crest Housing Market
The housing market in Cedar Crest is considered a bit cold right now, but that works out well for sellers in the area. Home values are growing rapidly in this neighborhood.
Current home prices are up 13% since last year. Even with these increases in values, homes in this neighborhood are still on par for the Dallas average.
Average Home Price
$158,000
Average Price Per Square Ft.
$112
Wolf Creek
Only 21 minutes from Downtown, Wolf Creek offers an easy commute for busy workers. This family-friendly neighborhood has 22 schools for families to choose from and is known for having neighborly pride and a 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:
14,413
Median Age:
32
Housing Units:
5,681
Bike Score:
42
Walk Score:
31
Transit Score:
39
Average Household Income:
$43,525
Wolf Creek Housing Market
If you’re looking to buy in Wolf Creek, now might be your moment. Curren home prices in this neighborhood are down 4.5% since last year.
Additionally, houses are going for about 4% below list price and are on the market for 41.5 days.
Average Home Price
$181,000
Average Price Per Square Ft.
$111
Winnetka Heights
This small community of historic homes is a dreamy place to raise a family or to enjoy the single life. Food and art lovers can take advantage of the local restaurant scene and being close to the Bishop Arts District. This neighborhood is popular with visitors, but also the perfect place for locals to call home.
Quick Facts
Population:
29,448
Median Age:
34.1
Housing Units:
11,388
Bike Score:
52
Walk Score:
53
Transit Score:
46
Average Household Income:
$83,005
Winnetka Heights Housing Market
Home values in Winnetka Heights are on the rise and prospective home buyers may be feeling the impact.
Current home prices are up 30% since last year and houses stay on the market for only 22 days on average.
Average Home Price
$514,000
Average Price Per Square Ft.
$211
SoFi Home Loans
It’s easy to see why Dallas has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and 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.
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