Condos Rising

Dallas condo sales lead a surging Texas real estate market

It’s not just houses that are getting harder to find in Dallas. According to a new report, condominiums in Dallas and across Texas are experiencing a heavy increase in sales.

The Real Estate Center at Texas A&M published a new study that found that Texas condo sales are up 26 percent in 2013. Dallas is tops with 38 percent growth, followed by Houston at 25 percent, Austin at 24 percent and San Antonio at 18 percent.

Condo sales in Texas are up 26 percent for 2013. Dallas is tops with 38 percent.

This isn’t too surprising, considering that single-family homes in Dallas are rising in price and falling in inventory as developers struggle to catch up with soaring demand, thanks to job and population growth in North Texas.

It seems that condos are following a similar trajectory as prices in Dallas rose 10 percent from last year to reach an average price of $153,000. In all, 4,468 condos were sold in Dallas between January and September 2013.

In a sign that people are snapping up condos as quickly as possible, new listings rose 10 percent while active listings dropped 26 percent. Best of all, sales are up 33 percent.

And if you’re looking to sell, your time on the market has dropped to 67 days, which is a 28 percent decrease from last year.

While Dallas’ condos are selling higher than last year, it’s still a cheaper option than finding one in Austin, where condos are averaging $192,420. San Antonio is a relative steal at just $98,900, but that’s still a 6 percent increase from last year.

Condo sales in Dallas are up 38 percent from last year.

Photo courtesy of Ebby Halliday

Condo sales in Dallas are up 38 percent from last year.

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hottest 'hoods

Dallas-area ZIP code makes list of hottest U.S. housing markets in 2024

4210 Bullock Lane, Forney home for sale on Opendoor

Photo courtesy of Opendoor

This charming home in Forney's 75126 ZIP code is on the market for $321,000.

The Dallas metro's strong real estate market has shown it can persevere through another year of high mortgage rates, and one local ZIP code, in Forney, stands out: It was one of the top 10 hottest housing markets in the nation in 2024.

A just-released report by Opendoor has revealed Forney's 75126 ZIP code has remained the No. 6 hottest U.S. housing market for the second year in a row. It was the only North Texas ZIP code to make the top 10.

The study examined the U.S. ZIP codes where people bought homes the fastest in 2024, using local Multiple Listing Services (MLS) data in markets where Opendoor operates. The ZIP codes were ranked by the total number of homes that went into contract within 90 days of listing.

This North Texas suburb is situated 21 miles east of downtown Dallas, where homes have an average value of $325,842, according to Zillow's Homw Values Index.

Forney's home prices have fallen 4.3 percent over the last year, which matches Opendoor's prediction that homeowner interest in suburban living will continue to grow as prices steadily drop.

"Over the past three years, we’ve seen people choose to move away from city centers in favor of tighter-knit communities, but still live close enough to commute and be close to the action," the report says. "This year’s most popular areas are known for being fast-growing cities with plenty of new development, with healthy job growth in Florida and Texas in particular."

Aubrey, a suburb located 50 miles north of Dallas, did not appear in this year's report after previously ranking No. 7 in Opendoor's 2023 report.

Texas cities, however, dominated the top 10 for a second year in a row, with four additional ZIPs earning spots in the report: 77493 in Katy (No. 1); 77433 in Cypress (No. 2); 78253 in San Antonio (No. 3); 78130 in New Braunfels (No. 4); and 78640 in Kyle (No. 10).

Sitting just outside the top 10 hottest housing markets isMcKinney's 75071 ZIP code, which ranked 12th nationally.

Under-the-radar neighborhoods to watch in 2025
Opendoor also revealed its new list of "hidden gem" American neighborhoods where new listings grew from January to November 2024.

ZIP code 75074 in Plano was ranked the No. 4 best hidden gem neighborhood for homes between $400,000 and $600,000.

Tomball, a city 35 miles north of downtown Houston, was the only other Texas city to be included in the report's list of top under-the-radar neighborhoods. The Houston suburb's 77377 ZIP was ranked the No. 4 best hidden gem with homes under $300,000.

"These [hidden gem] lists offer neighborhoods across different price points with something for everyone," the report says. "Similar to the top 20 list, these are neighborhoods that are fast-developing, with something more turnkey, and in a smaller community."

Opendoor's top 10 hottest ZIP codes of 2024 are:

No. 1 – Katy, Texas (77493)
No. 2 – Cypress, Texas (77433)
No. 3 – San Antonio, Texas (78253)
No. 4 – New Braunfels, Texas (78130)
No. 5 – Summerville, South Carolina (29486)
No. 6 – Forney, Texas (75126)
No. 7 – Yukon, Oklahoma (73099)
No. 8 – Clarksville, Tennessee (37042)
No. 9 – Parrish, Florida (34219)
No. 10 – Kyle, Texas (78640)

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