A new study identifying the most expensive neighborhoods across the country puts one Dallas neighborhood close to the top of the list for all of Texas.
North Dallas has been named the seventh most expensive neighborhood in the state — and the most expensive in the city — by ConstructionCoverage.com. The affluent Dallas area boasts a median home value of $685,200. Home values in the neighborhood jumped 10.61 percent in just one year, 8.74 percent in the last five, and 4.09 percent in the last decade, the study adds.
Meanwhile, the median home price in the U.S. is $226,700, according to the Zillow Home Price Index, which Construction Coverage used to compare more than 7,000 neighborhoods across the country.
The most expensive neighborhood in the state is Austin's Barton Creek. The upscale neighborhood boasts a median home value of $1,046,600 — currently at its peak. The second most expensive neighborhood in Texas is Afton Oaks. Located in Houston's ritzy River Oaks area, it boasts a median home value of $1,024,600.
Only one other Dallas neighborhood is in the top 20 — Bluffview, which has a median home value of $552,800 and ranks 15th most expensive in Texas. Fort Worth, meanwhile, has three. Mira Vista is the fourth most expensive with a median home value of $893,400. Crestline Area is No. 9, at $662,600, and Tanglewood ranks No. 12, at $602,300.
Compass real estate broker Grigor Licul told Construction Coverage that the most coveted neighborhoods have more to offer than nice homes. Buyers also buy into a place with "good infrastructure, school districts, and transportation," among other things, he said.
As a result, “Developers follow the demand and develop a higher end product within these neighborhoods, further stratifying the market," Licul said. "It is a reinforcing loop which causes the neighborhoods with a higher price baseline to maintain their pricing advantage [and] remain more resilient to potential downturns.