Your Expert Guide

Farmers Market: Dallas' spot for fresh produce + tight-knit neighbors

There are so many great places to live in Dallas that it helps to have an expert on your side. The Neighborhood Guide presented by Briggs Freeman Sotheby's International Realty gives you insider access from the agents who live and work there, providing in-the-know info about your possible new community.

Photo by Justin Terveen

It's very convenient having the Farmers Market at your doorstep.

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As one of the first 1,000 permanent residents in downtown Dallas, real estate agent Linda Lunn has had the privilege to watch it evolve. Over the past 20-plus years, she has also seen the Farmers Market District grow from a sleepy gathering spot to a unique, thriving community.

"What drew us here was the possibility of what could be — and look at it now!" she says. "The Farmers Market District is so much more than a market. Nestled between downtown Dallas, The Cedars, East Quarter, and Deep Ellum, this vibrant neighborhood is a made up of several apartment communities, townhomes, and an historic 1925 building that's been converted into lofts — and of course the farmers market itself. The area is filled with amazing people from a little bit of everywhere."

Lunn obtained her real estate license nearly a decade ago, after a long and storied career in advertising and marketing, and it was her first choice to sell and market her own neighborhood.

"I am an integral part of this community and believe in what it offers," she explains. "It's the people who live here."

Lunn offered up a few of her personal favorites about life in the Farmers Market District. Here's her guide to the area:

Where to eat & drink
A vibrant and walkable area, the neighborhood includes the Farmers Market indoor space, which not only features produce but many eateries offering dine-in or to-go seven days a week, dishing out almost any kind of cuisine.

Among these are Rex's Seafood, Scardello's, Ginzaro Sushi, Ka Tip, Palmieri, and La Ventana.

"Hurtados Barbecue has become a fixture for great food," says Lunn, "and chef Victor Hugo and his team have created a place where the neighbors gather at Bucket and Rope."

In nearby Deep Ellum, you'll find St. Pete's Dancing Marlin, Local, AllGood Cafe, Revolver Taco, and Ichigoh Ramen.

In the East Quarter are Ginger's Bar, Brass Ram, National Anthem, and Harwood Tavern.

In walkable downtown, Lunn recommends Partenope for Neapolitan pizza (hot tip: sit up at the pizza bar), grab some Irish fare at The Crafty Irishman, and Miriam Cocina Latina will never disappoint at Klyde Warren Park.

Make sure you get a seat at Cafe Momentum, where justice-involved youth are equipped with life skills, education, and employment opportunities to help them achieve their full potential. "What an amazing concept to give back, with terrific food to boot," Lunn says. And don’t forget to head over to Ari’s Pantry to pick up gorgeous Italian food for an easy weeknight dinner.

"It's all considered 'the neighborhood' to residents," Lunn laughs.

So much is within a stone's throw of downtown Dallas. Photo by Justin Terveen

Where to play
Where the Farmers Market is a hub of activity for living in downtown Dallas, it is one of several areas that are all about a mile and a half from each other.

"We who live here look at the entire area as our playground," Lunn says. "We do 'park walks' at Harwood, Pacific, Carpenter, West End, Main Street Garden, Civic, and Klyde Warren parks. We head over to the Dallas Museum of Art for First Free Sundays, see what fantastic activities are happening at Parks for Downtown Dallas, such as yoga, movies, and more. Or we just run into neighbors on a random Friday for cocktails at the Farmers Market. This neighborhood has it all!"

Harwood Park, one of the last true parks in downtown Dallas, sports a pickleball court, playground area, large lawn for yoga, outdoor movies, and a popular splash fountain. Carpenter Park is a great spot for a picnic or to pick up a game of basketball.

The Farmers Market District is also walkable to The Exchange at downtown's AT&T Discovery District, a prime spot to watch the Cowboys play on a Sunday afternoon Or take a visit over to Deep Ellum, one of Dallas' premier entertainment districts, to listen to live music or to grab a quick bite at one of the many restaurants mentioned above.

It's a quick walk in the other direction to The Cedars and a peaceful day strolling around Old City Park (formerly Dallas Heritage Village) and its historic buildings.

"Although a true urban dweller, I crave nature around me — that's one of the many reasons why I am a Dallas County Master Gardener," shares Lunn. She points out that others with green thumbs will feel right at home at the Deep Ellum Community Garden, where residents can grow their own food.

What to see
"There is so much cool history of the area!" says Lunn. "Old buildings, like Magnolia Petroleum (now home to National Anthem and Brass Ram), Sova Hotel (that was once the Metropolitan Nash Car Dealership), and more. Everything is walking distance to downtown Dallas, where you'll find the original Neiman Marcus flagship store and the Adolphus Hotel, and even the Dallas Arts District is only about a mile away."

The weekend becomes alive with visitors who are, of course, there to visit the Dallas Farmers Market. The Shed is open on weekends with not only produce but also shopping and food. And, next to the Market, you can grab plants for your home and garden at Ruibals, and maybe pick up some gardening goodies while you're there.

Where to live
"Whether you choose to live in a funky downtown loft built in 1925 or a townhome, this neighborhood fits the bill," Lunn says.

2220 Canton Lofts is a City of Dallas landmark and was the first converted loft in Dallas. With 47 units — some still original, others stripped down to the concrete and columns and redesigned — this community offers a place where you can create your own style. A rooftop deck with 360-degree views of the city, an updated pool and hot tub, and jogging track, this property is great for a lock-and-leave lifestyle or someone who loves loft living.

2220 Canton Lofts #408 Dallas Unit 408 at 2220 Canton Lofts turned two properties into one.Photo courtesy of Briggs Freeman Sotheby's International Realty

Lunn represented the sellers of unit 408 at the lofts, which actually began as two units "that were combined and made into something extraordinary," she says. "Historic lofts are about individualism, and this property exemplifies the creative spirit of the area."

In and around the Farmers Market are also several townhome communities, all with sightly different floorplans and builders, and most with rooftop decks and downtown Dallas views. The InTown Homes community, which sits next to the Farmers Market, offers private courtyards and a pool that naturally encourage neighborhood gatherings.

"This whole neighborhood attracts a little bit of everyone," Lunn says. "Whether an empty-nester, young professional, family, or somewhere in between, in this area everyone seems to know each other."

Lunn points out that there is even a Farmers Market Stakeholders Association to residents keep abreast of the neighborhood's happenings.

"This area will surprise and delight you," she promises. "You never know what you will discover next ... maybe your next home!"

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Linda Lunn lives, works, and plays in Dallas Farmers Market District. For more information on buying and selling a home in the area, click here, email llunn@briggsfreeman.com, or call 214-938-9510. Follow her on Instagram @corksandgreengardens.

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Housing market trends

Dallas-area housing market tilts toward buyers as mortgage rates climb

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The economic fallout from the war with Iran is driving up the cost of buying a home, even as other housing market trends in many parts of the country favor home shoppers this spring.

Mortgage rates have been rising since the war began, as surging energy prices heighten worries about higher inflation, pushing up the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to pricing home loans.

As recently as the last week of February, the average rate on a 30-year mortgage dropped to just under 6%, its lowest level in more than three and a half years. It climbed this week to 6.46%, its highest level in nearly seven months.

The conflict is also injecting more uncertainty into the U.S. economic outlook at a time when the job market is sputtering.

While rates are still down from a year ago, their recent upward trend has already led to a slowdown in mortgage applications. Further increases threaten to put a damper on home sales during what’s traditionally the busiest time of the year for the housing market.

“The war in Iran has seriously complicated the spring buying season,” said Joel Berner, senior economist at Realtor.com. “I expect that many buyers will be put off by rising rates and mounting economic uncertainty, choosing to bide their time rather than jumping on board for a purchase before rates go up.”

Home shoppers who can afford to buy at current mortgage rates this spring are likely to find a more buyer-friendly housing market than this time last year. That means they'll have more leverage when negotiating with sellers, who in many cases are watching their property go unsold for weeks, potentially making them more willing to lower their initial asking price or offer buyers money for closing costs, repairs or other concessions in order to get a deal done, real estate agents say.

In the Dallas-Fort Worth metro area, lower listing prices and more homes on the market are forcing many sellers to price their home more competitively or consider offering some incentives to land a buyer, said Matthew Crites, an agent with Coldwell Banker Realty.

“It’s been a really good buyer’s market to kind of start the year off with,” he said.

The trends helped give home shopper Anne King a strong hand when she set her sights on a three-bedroom, two-bath ranch-style house in Fort Worth listed at $275,000.

The contract administrator offered $10,000 below the listing price. She also asked that the seller kick in $5,000 toward closing costs. The seller accepted, and later agreed to throw in another $12,000 for repairs after a home inspection revealed roof damage.

“Fortunately for me, the seller was in a position they needed to sell,” said King, 57. The purchase was finalized in late February, just before the start of the conflict in the Middle East.

King had hoped mortgage rates would ease further before she bought the home, but decided it made sense to buy sooner, rather than risk having to compete this spring against more homebuyers who could potentially trigger a bidding war -- something she experienced last May when she bought a two-bedroom, two-bath townhouse in Arlington.

She locked in a 6% rate on her mortgage and plans to refinance to a lower rate whenever rates drop.

“I feel like I got a good deal on this property, and that’s all that matters,” she said.

Home shoppers gain more leverage
While the inventory of homes for sale nationally is still low by historical standards, active listings — a tally that encompasses all homes on the market except those pending a finalized sale — jumped nearly 8% in February from a year earlier, according to data from Realtor.com.

The increase varies across the U.S., with the West, Midwest and South far outpacing the Northeast. Still, some 43 of the 50 largest metro areas had more homes for sale in February than a year earlier, with listings up between 10% and 38.5% in many markets, including Seattle, Indianapolis, Las Vegas and Houston and Denver.

As homes take longer to sell, prices have started falling. The median listing price was down in February from a year earlier in just over half of the nation’s biggest 50 metro areas, including a nearly 9% drop in Austin and Memphis, and declines of more than 5% in Washington D.C., San Diego and Los Angeles.

In another sign that buyers may have the edge negotiating with sellers this spring, an analysis by Redfin estimates that there were about 46% more sellers than prospective buyers in the market nationally in February. That’s up from about 30% a year earlier and represents the largest gap between buyers and sellers on records going back to 2013, according to Redfin.

Miami, Nashville and Austin are among the metro areas where sellers most outnumber buyers, Redfin found.

A buyer's market, if you can afford it
The U.S. housing market has been in a sales slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes were essentially flat last year, stuck at a 30-year low. They have remained sluggish so far this year, declining in January and February versus a year earlier.

While the pace of home price growth has slowed or fallen in many metro areas, affordability hurdles remain daunting for many aspiring homebuyers because wage growth has not kept up with home prices.

Consider, the median price of an existing home sold in February was $398,000, according to the National Association of Realtors. That's nearly five times the median household income. A historic rule of thumb was that homes generally cost three times the household income.

The recent increase in mortgage rates adds slightly to the affordability challenge. On a $400,000 home near downtown Dallas, for example, factoring in a 20% down payment and a 30-year mortgage at 6%, the buyer’s monthly payment would be about $2,248. At a 6.4% rate, that payment would climb to $2,331.

And while mortgage rates are still lower than a year ago, making monthly payments more manageable, rates are still much higher than the sub-3% averages available to homebuyers during most of 2020 and 2021 as the weakened economy dealt with the coronavirus pandemic and its aftermath.

Sellers under pressure
The housing market has cooled considerably since earlier this decade, when rock-bottom mortgage rates set off a frenzy that sent home prices soaring. Back then, it wasn’t uncommon for a home to fetch well above the seller’s asking price after receiving offers from multiple buyers.

While some sellers are still receiving multiple offers now, it’s far from the norm.

Jo Chavez, a Redfin agent in Kansas City, tells clients looking to sell to expect that their home probably won’t sell right away. She also advises them to be “reasonable” with how they price their home.

“We have a lot of sellers who have that idea of like, ‘well, my neighbors sold for this much, and so I think I should price $10,000 above them,’” said Chavez. “And that’s obviously not a logical approach, because there were less sales last year.”

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