Familiar names like Preston Hollow, Highland Park, and Southlake top the list.
DALLAS — This article was originally published by a Dallas Business Journal content partner. You can read the original article here.
The northwest Dallas ZIP code includes Old Preston Hollow, a grand enclave of primarily older properties that ranks as the metroplex’s most popular luxury housing market.
That’s according to a new analysis of residential real estate momentum conducted by the Dallas Business Journal in collaboration with the broader business journal network. This ranking is based on Intercontinental Exchange Inc.’s third quarter listing and sales data.
Today, we’re focusing exclusively on areas of DFW where homes sold for an average of $1 million or more in the third quarter. Last time, we spotlighted the 25 most popular housing markets across North Texas.
Topping the list was zip code 75220, which was typically north of Dallas Love Field and Bachman Lake, south of Walnut Hill Lane, and west of the Dallas North Tollway. This area includes most of Old Preston Hollow, home to mansions designed by nationally renowned architects, with lush greenery and acres of grounds. Old Preston Hollow is bounded by Walnut Hill Lane, Preston Road, Northwest Highway, and Midway Road.
75220 homes sold in Q3 at an average price of $1,283,284. This was less than $22,000 off the average list price of $1,305,009. That means most sellers are close to their asking price. The 50 homes sold in the neighborhood between July 1 and September 30 stayed on the market for an average of 103 days, according to the Business Journal’s ranking of the most popular housing markets.
The rankings weight each ZIP code’s sales and price momentum using a weighted formula that includes quarterly and year-over-year data. We focus on ZIP codes where activity is surging, prices are rising dramatically, or homes are selling at a fast pace. See the bottom of this post for more details on the methodology.
The second hottest market is…
In DFW’s 1 million+ category, the second hottest zip code in Q3 was 75205, which is the primary zip code for both Highland Park and University Park. Homes there sold for an average of $2,603,379. The average list price of a home is $3,023,479, meaning buyers are getting an average of about $420,000 off the list price.
Homes in 75205 were on the market for an average of 75 days in the third quarter, with 55 homes sold from July 1st to September 30th.
The bronze medal…
The third most popular luxury residential neighborhood in DFW was 75230 in North Dallas. This is a prime zip code for the new area of Preston Hollow and the upscale residential area south of I-635, north of Walnut Hill Road, and between the Dallas North Tollway and US 75.
The 92 homes sold there in the third quarter sold for an average of $1,376,237 against an average asking price of $1,452,967 and spent an average of 75 days on the market before going under contract.
It’s worth noting that sales prices in upscale neighborhoods like Highland Park, University Park, and Preston Hollow are likely skewed higher than reflected in the rankings. The analysis used data from multiple listing services, but many homes in upper-class neighborhoods are sold off-market through “pocket listings” and never hit the MLS.
It’s also worth noting that homes in upscale neighborhoods throughout DFW are selling for less than list price, and in some cases significantly less. That wasn’t the case during or immediately after the coronavirus pandemic, when a lack of homes on the market forced buyers to offer tens or hundreds of thousands of dollars more than their asking price to get sellers’ attention. I didn’t get it.
From 4th to 11th place…
The Business Journal rankings revealed a total of 11 ZIP codes within the DFW Metroplex where the average MLS sales price exceeded $1 million in the third quarter. The next three zip codes are in Southlake, Flower Mound, Colleyville, and parts of Dallas. Below are the next eight hottest markets and the average sales price, average list price, and average days on market for homes sold in each ZIP code during the third quarter.
4. Southlake’s 76092: Sale price $1,594,398. List price $1,740,758. 71 Dom
5. 75022 of Flower Mound: $1,040,955. $1,074,836. 71 days
6. 75209, Bluffview District Primary ZIP Code in Northwest Dallas: $1,206,403. $1,446,797. 71 days
7. 76034 of Colleyville: $1,045,168. $1,166,602. 64 days
8. Another ZIP code in Preston Hollow, 75229 in northwest Dallas: $1,067,252. $1,135,527. 75 days
9. 75201 in Central Dallas, including the Arts District and Downtown Area: $1,350,554. $1,840,694. 118 days
10. 75214 in East Dallas, including the Lakewood area and other areas west of White Rock Lake: $1,013,663, $1,097,298. 66 days
11. 75225 in Dallas, $1,734,567, including most of University Park and part of Preston Hollow. $2,308,749. 71 days.
America’s hottest housing market
Home sales have been flat across the country in recent months as high mortgage rates and continued rising home prices combine to drive away many potential buyers and deter would-be sellers. .
Despite these trade challenges, competition remains intense in many areas.
In Business Journal’s top 10 ZIP codes nationwide, the average home sold for $1.2 million after being on the market for 98 days.
On average, home prices in these 10 ZIP codes more than doubled from 2019 to 2024, soaring 154%.
