Housing report

This Dallas-Fort Worth ZIP code boasts one of hottest housing markets in U.S.

The zip code 75060 is hot, hot, hot for buyers.

Photo by Paul Bradbury/Getty

Irving can brag that it’s home to eight Fortune 500 companies, although that number will drop to seven once ExxonMobil relocates to Houston. Now, the Dallas-Fort Worth suburb can also crow that it’s home to one of the hottest ZIP codes in the country for homebuyers.

A new list from Realtor.com puts Irving’s 75060 ZIP code at No. 44 among the hottest U.S. ZIP codes for purchasing a home. Only one other Texas ZIP — 50th-ranked 79934, in the El Paso area — appears in the top 50.

Hannah Jones, a research analyst at Realtor.com, explains that 75060 offers homebuyers “affordability within a half-hour commute of both downtown Dallas and downtown Fort Worth, a sought-after amenity as home prices, mortgage rates, and inflation soared this year.”

Jones notes that in June, the median home price in 75060 was $338,500, which was more than $100,000 below the median home price across DFW.

Almost three-fourths of Realtor.com visitors who viewed home listings in the first half of this year in 75060 were from DFW, according to Jones. Further underscoring the popularity of 75060, homes in the ZIP code were viewed 1.8 times more often than a typical listing in DFW and spent one week less on the market than other listings in the metro area.

About 50,000 people live in the 75060 ZIP code, which is bordered by Rock Island Road to the north, the West Fork of the Trinity River to the south, the Elm Fork of the Trinity River to the east, and South Belt-Line Road to the west. Within the ZIP code are Irving Lake, the Irving Golf Club, Running Bear Park, Nimitz High School, and Irving ISD’s Joy and Ralph Ellis Stadium.

Last year, Realtor.com featured two different Texas ZIP codes in its annual ranking of the country’s 50 hottest ZIP codes: 78754 in Austin (No. 19) and 75025 in Plano (No. 20).

To come up with the 2022 list, Realtor.com analyzed listing data for more than 29,000 ZIP codes across the country. Researchers looked at the number of unique viewers per home on Realtor.com from January through June and the number of days a listing remained active on Realtor.com during that period. The website limited the top 50 to one ZIP code per metro area and to ZIP codes with at least 15 active monthly listings.

The 14618 ZIP code in Brighton, a town near Rochester, New York, topped the 2022 ranking.

“As a result of rising inflation and higher costs for housing and everyday expenses, homebuyers have set their sights on areas that offer good bang for their buck, making value a key theme among this year’s hottest ZIPs,” Realtor.com says.

Big deal

Houston investor acquires Bishop Arts mixed-use portfolio in $170M deal

Photo courtesy of Hines

Michelin-recognized Written by the Seasons is one of several Bishop Arts businesses acquired by a Houston-based investor.

A Houston investor has snapped up a mixed-use portfolio of nine buildings in the Bishop Arts District, the second Bishop Arts property acquisition since August.

Hines Global Income Trust told CultureMap it paid more than $170 million for a mixed-use complex with 539 apartments and 49,000 square feet of high-end shops. The Bishop Arts Portfolio, as Hines refers to the real estate package on its website, sits on almost seven acres.

“Bishop Arts is a special place, shaped by the care and investment of its prior ownership. We see our role as building on that foundation through thoughtful ownership and Hines’ integrated operating platform,” Corbin Eckel, managing director at Hines, told CultureMap.

Hines identified the seller as Dallas-based Exxir Capital. Exxir developed Oak Cliff's 750,000-square-foot, two-block Bishop Main Street area, which features retail, residences, and offices, and includes the properties acquired by Hines.

Tenants of the newly acquired properties include:

Italian restaurant Lucia, a Michelin recommended restaurant.
Michelin-praised Written by the Seasons, which serves a New American menu.
Paradiso, a Southern European-inspired eatery.
Bar Eden Lounge, a swanky cocktail bar.
Village Baking Co., an artisan bakery.

Hines is taking over all leases at the residential properties:

Bishop North, 200 N. Bishop Ave.
Bishop Canopy, 515 W. 10th St.
Bishop Flats, 305 and 431 Melba St.
Treehaus, 211 W. 10th St.
Retail at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. Ninth St. Altogether, the portfolio’s retail component comprises 22 tenants.

The Hines deal comes two months after Dallas-based investor 90Ten purchased 301-321 N. Bishop Ave.301-321 N. Bishop Ave. in Bishop Arts. Tenants include burger diner Hunky’s, Italian pastry and coffee purveyor Palmieri Café, vintage clothing store Dolly on Bishop, gift shop Kawaii Candle Co., and cosmetics retailer Simply Bella.

bishop arts hines global income trust dallas real estate commercial real estate residential oak cliff real estate