BY MIRANDA JAIMES & CONNOR PITTMAN
Grapevine’s average home sales prices
Digging deeper
What to expect
$800K
$648K
$597K
$558K
Kim Assaad, Realtor and team lead with The Assaad Group at Compass, said as Grapevine approaches build-out, home values in the area are significantly increasing as demand for the remain- ing space builds. “Grapevine is a great place to live, located right in between Dallas and Fort Worth, and so close to DFW International Airport—that … makes it really desirable and keeps our sales prices up,” she said. Assaad commended Grapevine’s work on the build-out of the area. She said she believes approaching build-out makes the existing real estate even more attractive and valuable because of the fewer empty lots available. It also provides a boon to business owners. “Business owners are just more confident about opening businesses in Grapevine, because it provides established residences who are the con- sumers in the area,” she said. “Plus a large amount of tourism helps all the businesses flourish.”
By using the transit district overlay, city officials said they hope to enhance existing property since there are fewer options to build on open land. “You want to enhance or add on rather than tear down and rebuild,” Marohnic said. She added that remaining land is more conducive to reuse, such as the Nash and Berry Townhomes, not large multifamily complexes that typically require large, open parcels. “In some instances, there might be other impediments on the property,” Marohnic said, describing some properties in flood plains that are harder to develop. Assaad also pointed out that buyers are willing to purchase existing homes, and remodel and update, just to be in the desirable area Grapevine is located in. Tate said officials will have to continue fighting to preserve the character of Grapevine because of increasing demand to build apartments as home values increase and more people are forced to consider moving into apartments.
$600K
$493K
$416K
$400K
+55.77% percent change
$200K
0
2020 2021
2022 2023
*2024
SOURCE: KIM ASSAAD WITH THE ASSAAD GROUP AT COMPASS/COMMUNITY IMPACT *AS OF JUNE 12
Some homes in the city also have a lower price point that makes it easier for younger families to move into the area, Assaad said. Some of the con- dominiums in the city can start in the $200,000 range, she said. Affordability is also helped by the lower tax rate the city maintains, Tate said. “It’s still important to me [and] to the city to use what land we have left for a way that will produce as much sales tax as possible,” Tate said.
Residential snapshot
Why it matters
Single-family residences make up more than half of the residential units in Grapevine.
"It’s going to take a lot of cooperation and understanding with our property owners and our citizens to maintain
Marohnic said part of the challenge with devel- oping the remainder of Grapevine is most of the land is in smaller parcels. Giberson said focusing on smaller development allows the city to grow in a more manageable way rather than face pressures to extend roads or utility connections. “It’s more about a focus on quality and less on quantity,” Giberson said. “I think that’s actually a much healthier place to be as a city.”
Key:
Single-family homes: 12,552
what we have." WILLIAM D. TATE, GRAPEVINE MAYOR
Apartments: 10,845 Townhomes and condominiums: 487
Assisted living: 9
SOURCE: CITY OF GRAPEVINE/COMMUNITY IMPACT
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GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION
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