You can say you live in Dallas, but for the real skinny on where and who you are, you have to talk neighborhoods. Are you footloose and fancy-free? Welcome to Uptown. Ready to rub elbows with the upper crust? Say hello to Preston Hollow. Looking for an artsy area on the rise? Dig into the Design District. Seeking a backyard at a sweet price? Head to the suburbs.
Part of what makes Dallas a robust city is its variety of neighborhoods, more than 150 by one count. And with Dallas currently one of the hottest real estate markets in the country, every neighborhood is a good neighborhood.
Kay Weeks, who has worked in Dallas real estate for 27 years, says that inventory is the lowest she’s ever seen.
“We have more people moving to Dallas, and there’s a lot of building north of the city,” she says. “We are fortunate that we continue to attract companies. Since 2010, we’ve attracted 124 corporate headquarter relocations. That keeps our market very healthy.”
Philip Walker, a realtor at Keller Williams, says that high-profile corporate relocations such as Toyota, which is moving its headquarters to Plano, have made Dallas’ northern suburbs especially prized.
“The Plano-Frisco market is really hot,” he says. “In that area, there are multiple offers on every house for sale. A client told me that they bought their house eight years ago and just sold it for double the price they paid for it.”
Lakewood is not cheap, with home prices ranging from $250,000 to over $1 million in areas surrounding the jewel at its center, White Rock Lake. But it’s one of the city’s most charming neighborhoods, with distinctive architecture and easy access to the central business district.
One major shift in the past five years has been the rising popularity of Downtown Dallas.
“Downtown is hot hot hot,” Walker says. “It’s millennials and people under 40 who want to be close. The condo market has gone crazy. They’re putting in everything they can in the common areas––the pools with the cabanas and outdoor bars, fitness centers, social things going on to try and attract younger buyers.”
You can add North Oak Cliff in that urban core, says agent Steve Habgood, of the Hewitt & Habgood group.
“It’s kind of referred to as the Austin of Dallas,” he says. “It’s eclectic, diverse, accepting, it has its own vibe, and the city’s really embracing that right now.”
Like all neighborhoods located south of downtown, Oak Cliff offers great value, with many houses available for under $200,000.
“Another one is The Cedars, most people don’t think of it as a neighborhood, but it’s trying to become one,” Habgood says. “It’s just south of downtown and it is hopping right now.”
There’s also a gem of a neighborhood further south, called Wynnewood North.
“It was developed by Angus Wynne’s dad, when he built the Wynnewood North shopping center,” Habgood says. “The neighborhood that’s immediately north has the occasional unpolished gems that have been untouched for the last 40-50 years, and they’re at the best possible price.”
As exciting as the market has been in the past year, most everyone involved, from agent to buyer to seller, is glad to see it calm down, Walker says.
“That’s fortunate, especially for buyers,” he says. “We’ve gone from a seller’s market to more of a balanced market.”