5 Most Expensive Neighborhoods in Dallas, Texas, Starting 2016

With an average home listing price of more than $1.5 million, Bluffview is the most expensive neighborhood in Dallas, Texas entering 2016. Preston Hollow, Lakewood, Oak Lawn, and Greenway Parks round out the top five priciest neighborhoods.

Home prices in Dallas, Texas have risen steadily over the last couple of years. According to the real estate information service Zillow, the “Home Value Index” for Dallas rose by around 16% last year alone. In fact, house prices in the area hit a new all-time high in September of this year, which means they’ve never been higher than right now.

The bottom line is that homes and neighborhoods in Dallas are more expensive today than in years past — and they’re getting more expensive with each passing month. Here is a list of the most expensive neighborhoods in Dallas, Texas, as we head into 2016.

Most Expensive Dallas Neighborhoods, Based on List Prices

The list below is based on real estate listing prices reported by Trulia in December 2015.

Neighborhood Avg. Listing Price
Bluffview $1,554,576
Preston Hollow $859,501
Lakewood $859,071
Oak Lawn $712,164
Greenway Parks $648,234

Honorable mention: Also high on the price list were the neighborhoods of Forest Hills, the Historic District, M Streets (a.k.a., Greenland Hills), and Coronado Hills / Gastonwood.

Bluffview

Bluffview is a relatively high-income neighborhood located in north Dallas. It gets its name from the hilly topography found in the area. The neighborhood is situated along cliffs that overlook Bachman Creek, a tributary of the Trinity River. Bluffiview has a low crime rate in spite of nearby gangs, due to a nearly constant police presence. Despite the proximity of Bloods and Crips, it remains one of the most expensive neighborhoods of Dallas, Texas.

Preston Hollow

The neighborhood of Preston Hollow is also located in the northern part of Dallas. (You’ll notice a trend here — most of the priciest hoods are located in the north.) Preston Hollow has been home to a number of prominent residents, including George W. Bush and T. Boone Pickens. Dallas Mavericks owner Mark Cuban also calls this affluent Dallas neighborhood home.

Lakewood

Lakewood home
Former home of honorary “Mayor of Lakewood” Jim Young.

According to the Lakewood Neighborhood Association, this community “prides itself on a love of its lake and the wooded, hilly terrain that surrounds it.” The lake in this context is White Rock Lake, which was formed by the damming of White Rock Creek in the early 1900s. Located about 5 miles northeast of downtown Dallas, the lake is a popular destination for city dwellers and suburbanites alike. The affluent Lakewood neighborhood has an eclectic mix of old and new architectural styles. Lakewood Boulevard, in particular, features mansions and estates dating to the 1920s and 30s. There are a number of historic districts in the area designed to preserve the unique Craftsman, Tudor, Spanish and Mediterranean architecture.

Oak Lawn

Oak Lawn is a Dallas neighborhood covering about 12 square miles. It is one of the wealthier, and most expensive, neighborhoods in the Dallas metropolitan area. The population mainly consists of urban professionals. Upscale townhouses, condos and duplexes are common in the area. The neighborhood offers high-rise condos and apartment units as well. In addition to new construction, the affluent community has many older single-family homes.

Greenway Parks

Greenway Parks is another upscale neighborhood located in north Dallas, about three miles north of downtown. This 150-acre community was designed by David R. Williams in 1927. It is a pedestrian-friendly neighborhood created in the “English commons” tradition of placing homes around a series of open private parkways (hence the name of the community). It is home to about 300 households. And with an average listing price well over $600,000, it is one of the most expensive neighborhoods in Dallas, Texas.

Disclaimers: This article ranks the most expensive neighborhoods in Dallas based on average listing prices during the week ending November 25, 2015. A different set of metrics (such as median sales prices) might have produced an entirely different list. These rankings are based on data provided by Trulia. Third-party data are deemed reliable but not guaranteed.