Dallas Housing Market: Trends & Prices
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 OwnershipDallas Real Estate Market Trends
With the average selling price for a Dallas home increasing in the past year, the market looks to remain somewhat competitive.
The median sale price isn’t far below the national median for new homes of $408,800, as reported by FRED, the Federal Reserve Economic Data database, in September 2021, but the home values are almost as sprawling as the geography.
Dallas homes currently sell for about list price, with an average of three offers per home. Homes that are more in demand can sell for roughly 3% above the list price.
Recommended: Local Housing Market Trends by City$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.
*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%
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 did some of the work for you and researched five of them.
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.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Third-Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOHL20010