soaring suburbs

2 Dallas-area ZIP codes make list of hottest U.S. housing markets in 2023

This charming home in Forney is on the market for $336,900.

images.opendoor.com

Despite higher mortgage rates, Dallas' housing market continued to attract more people in 2023, according to a new report by Opendoor.

Two Dallas-area ZIP codes in particular – in Forney and Aubrey – earned top 10 status on the list of "hottest ZIP codes in the U.S."

Aubrey was the big gainer: Its 76227 ZIP code came in as the No. 7 hottest housing market in 2023. Aubrey had massive gains over last year, moving up six places from No. 13 in 2022, with home values at $377,268 on average, and experiencing a moderate 2.4 percent dip year-over-year, according to Zillow's estimates.

Forney's 75126 ZIP code was the highest-placed DFW-area city, earning No. 6 in the report, a one-place drop from No. 5 in 2022. Home values in Forney have decreased by 7.1 percent over the last year, as estimated by fellow online real estate marketplace Zillow. Homes on the market in the area are valued at $335,608 on average.

Texas ZIP codes dominated the top 10, with two Houston-area ZIP codes claiming the top two spots: 77433 in Cypress (No. 1) and 77493 in Katy (No. 2). Nine total Texas cities were recognized in the report, with Fort Worth's 76179 ZIP code making an appearance to round out the top 10.

The report also uncovered several under-the-radar neighborhoods where new listings increased throughout 2023. ZIP code 75407 in Princeton, a North Texas city about 43 miles northeast of Dallas, ranked No. 1 in Opendoor's "hidden gems" list with homes priced between $400,000-$600,000.

Royse City, 31 miles northeast of Dallas, made a name for itself as the No. 6 best "hidden gem" housing market with homes under $300,000.

"Newly built homes, like many in these [hidden gem] neighborhoods, are becoming a more accessible option, and developers continue to invest in these areas," the report said. "If [homebuyers are] looking for something move-in ready, take the time to explore these up-and-coming places."

Other "hidden gem" neighborhoods in Opendoor's report include Central Texas cities like Marble Falls (78654) and Bulverde (78163), and Rosenberg (77471) outside Houston.

Opendoor's hottest ZIP codes of 2023 are:

No. 1 – Cypress, Texas (77433)
No. 2 – Katy, Texas (77493)
No. 3 – Clarksville, Tennessee (37042)
No. 4 – Yukon, Oklahoma (73099)
No. 5 – Summerville, South Carolina (29486)
No. 6 – Forney, Texas (75126)
No. 7 – Aubrey, Texas (76227)
No. 8 – New Braunfels, Texas (78130)
No. 9 – San Antonio, Texas (78253)
No. 10 – Fort Worth, Texas (76179)

The study examined the U.S. ZIP codes where people bought homes the fastest in 2023, 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.

The report can be found on opendoor.com.

opendoor reports real estate housing market dallas

No Cap

Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

trends