Dallas-Forth Worth is the fourth largest metropolitan statistical area (MSA) in the United States, according to the U.S. Census Bureau. As a result, home buyers in the Dallas area have a dizzying array of options when it comes to neighborhoods, subdivisions and communities.
The table below shows the ten most popular neighborhoods in Dallas at the start of 2015, based on Trulia.com search volume.
Top 10 Most Popular Neighborhoods in Dallas, Texas
Trulia, one of the largest real estate listing websites in the United States, provides a variety of tools to help home buyers research properties and neighborhoods. Among other things, the company ranks neighborhoods within each city based on search popularity. According to a staff member, the popularity rankings are “based on Trulia website traffic and will give you an idea of where people are searching for homes.”
Using that metric, here are the 10 most popular Dallas neighborhoods, as of March 2015:
|Rank||Neighborhood||Avg. Listing Price*|
|4||Far North Dallas||$456,262|
|6||Northeast Dallas / White Rock||$394,708|
|8||Northwest Dallas / Love Field||$366,700|
* In this table, the “average listing price” refers to the average price for homes that are listed for sale within each neighborhood. This column is intended to help home buyers measure the affordability (or lack thereof) of each Dallas neighborhood on the list.
Home Prices Rising Across the Board
Regardless of what neighborhood home buyers choose, there’s one thing they can almost bet on. Home prices in this part of the state will likely continue rising in 2015, as they did in 2014.
According to CoreLogic, a real estate data firm, home prices in the Dallas-Forth Worth area are currently rising faster than the national average. In January 2015, house prices in the DFW metro area were 9.1% higher than the same time last year. This is partly due to the strong job market in the area, which attracts people from other parts of the country (thereby increasing demand for housing).
A lack of supply is also pushing prices north in most Dallas neighborhoods. In short, housing demand is higher than the current level of supply. According to Realtor.com, the number of houses listed for sale in the Dallas metro area has dropped by more than 22% over the last year or so. This forces buyers to compete for fewer and fewer properties, especially in the most popular Dallas neighborhoods listed above.
Meanwhile, the median “age of inventory” for Dallas has declined by 11% over the last 12 months, suggesting that homes are selling faster today than in the past. This is only logical, given the current supply-and-demand situation in the DFW area.
Bluffview: Most Expensive Neighborhood in Dallas
The neighborhood of Bluffview (not listed in the table above) takes the “honors” for being the most expensive neighborhood in Dallas, Texas, as of March 2015. The average listing price for homes in Bluffview was $1,776,860, at the time of publication.
Bluffview is a tony neighborhood in the northern part of the city. Its name is derived from the fact that part of the neighborhood sits among the hills and cliffs overlooking Bachman Branch, a tributary of the Trinity River. Bluffview became an official neighborhood of Dallas when it was annexed in 1943.