Dallas Housing Market: Trends & Prices

Dallas Real Estate Market Overview

(Last Updated – 6/2023)

Texas may be the Lone Star State, but it sure isn’t lonely. Over 30 million people live in Texas, and just under 1.3 million of them reside in the city of 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 2.5% higher than the national average, according to the Council for Community and Economic Research’s 2022 Cost of Living Index.

Recommended: Cost of Living in Texas (2023)

One factor that’s true across the country: Dallas housing prices have gone down since last year. In April 2023, the average home sale price went down roughly 5.1% 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.

Dallas Real Estate Market Trends

While the average value for a Dallas home has gone down since last year, the market still looks to remain somewhat competitive.

The median sale price isn’t far below the national median for new homes of $420,800, as reported by FRED, the Federal Reserve Economic Data database, in April 2023, but the home values are almost as sprawling as the geography.

Dallas homes currently sell for about 1% below price, with an average of three offers per home. Homes that are more in demand can sell for roughly 2% above the list price.

Dallas Housing Market Forecast

If you’re looking to buy, you’ll want to know that experts predict that the Dallas metro area will see some growth in the housing market over the next year.

Demographics of the Dallas Market

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.

Oak Lawn Market

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.

Lake Highlands Housing Market

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.

Cedar Crest Housing Market

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.

Wolf Creek Housing Market

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.

Winnetka Heights Housing Market