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2023 HOME EDITION
EAST DALLAS HOUSING MARKET MEDIAN SALES PRICE
Home prices across Lake Highlands and Lakewood have steadily increased as the state sees increased demand for housing. At the same time, the number of homes sold in the area has begun to decrease.
HOW MANY HOMES SOLD
5-year percentage change
5-year percentage change
800 700 500 600 300 400 100 200
+38.54%
$800K $700K $500K $600K $300K $400K $100K $200K
14.72%
7.63%
+34.62%
+13.87%
9.31%
+29.18%
24.17%
75238
75243
75214
75231
0
75214
75231
75238
75243
0
AFFORDABLE HOUSING AVAILABILITY A 2021 memo from the Dallas Department of Housing and Neighborhood Revitalization broke down the number of a ordable housing units by district and availability quali ers at three di erent tiers based on the area’s median income.
SOURCE: NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS COMMUNITY IMPACT
are most interested in across the country, according to a 2023 study from HouseFresh that used Zillow data to analyze homebuying trends. Alongside the increased attention, home values in northeast Dallas have increased about 37% from $321,531 to $440,350 over the last ve years, Julie Lynch, real estate director at The University of Texas at Dallas, said Texas is an attractive place to live due to quality of life, education options and employment opportunities. She added that the Dallas area has experienced the largest population growth among other metro areas in the country over the last decade. Just from 2021-22, the Dallas-Fort Worth area’s population grew by more than 170,000, per U.S. Census Bureau data. A top reason homebuyers select a particular location is its proximity to employment centers, Lynch said. Lake Highlands and Lakewood are “very desirable” because of their cen- tral location in North Texas with good transportation infrastructure and good schools, she added. Boyd said many homebuyers are likely drawn to Lakewood for its his- tory as well as its amenities, attrac- tions and historic homes. “[Architecture and craftsmanship are] something that’s important to a lot of the neighbors here,” Boyd said. Housing supply versus demand according to Zillow data. Attracting homebuyers Over the last several years, close to 100 major corporations have relocated
to Texas, which has increased demand for housing, Lynch said. But while the demand is increas- ing, many homeowners aren’t inter- ested in selling their homes because about 40% of them have a low inter- est rate, and some developers are having a hard time building new homes, Lynch said. “Their interest rates on their cur- rent mortgages are so favorable— [they’re] not going to want to sell. … So the supply of resale homes is very constrained,” Lynch said. In Lake Highlands and Lakewood, the number of homes sold per year has decreased since 2019, as the housing market recovers from the pandemic. The only ZIP code that has seen an increase in the num- ber of homes sold is 75231, which includes parts of Lake Highlands and Vickery Meadow. Lynch said pandemic-related sup- ply chain issues prevented many houses from being built. Now, some builders are becoming more “conser- vative,” afraid that consumers won’t display the same level of demand, given the high interest rates. “If you look at the available housing in North Texas right now ... we have a lot less inventory available now ver- sus prepandemic,” Lynch said. In the short-term, Lynch said she believes housing prices will continue to increase due to limited supply, an increased population and in ation. A ordable opportunities As home values increase, hous- ing advocates, city o cials and
TOTAL 80% 60% 30%
DISTRICT 9
16,956
11,222
5,292
442
DISTRICT 10
36,854 23,818 12,206 830
AVERAGE FOR ALL 14 DISTRICTS IN DALLAS
23,753
15,429 7,440 884
SOURCE: DALLAS’ DEPARTMENT OF HOUSING AND NEIGHBORHOOD REVITALIZATION COMMUNITY IMPACT
developers are looking for new ways to ensure housing opportunities for residents of all income levels. When the topic of a ordable hous- ing is broached at City Council or community meetings, many resi- dents often claim low- or mixed-in- come housing developments could bring down their neighborhood’s property values. However, Lynch said such developments cause no long-term impact to property values. “House values are very much determined [by] the speci c home that’s for sale, what condition is the home in, what does the neighbor- hood have to o er,” Lynch said. Instead, individuals who move into a ordable housing develop- ments typically obtain higher edu- cation and possibly more stable employment, which enables them to earn a higher income, contributing to the local economy, Lynch said. Ann Lott, executive director of the Inclusive Communities Project, a nonpro t that works to expand fair and a ordable housing oppor- tunities, said it’s essential to place
low- and mixed-income housing in auent neighborhoods, such as Lake Highlands and Lakewood. Kathy Stewart, District 10 Dallas City Council member, previously said District 10 has more low-income housing units than any other district, citing a 2021 city memo that shows District 10 has about 36,854 a ord- able housing units, which is about 5,000 more than the district with the next highest count. However, only 830 of District 10’s units are dedi- cated to residents who make 30% or less of the area’s median income, while 23,818 are for residents who make 80% of the median income. “[Low-income families] should be able to live anywhere, but they just can’t nd adequate housing in ... higher-income areas,” Lott said. “So I just don’t know that I buy the idea that [Lake Highlands and Lake- wood] have ‘enough’ housing for low-income families.”
For more information, visit communityimpact.com .
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LAKE HIGHLANDS LAKEWOOD EDITION • JULY 2023
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