In every city, there are desirable areas and locations that people want to avoid, and this applies to Dallas, Texas. In most cases, the more desirable an area, the higher the cost of buying property in that neighborhood. Therefore, the areas with the most expensive properties also attract those with the highest incomes. So, there is a direct correlation between the richest areas and the most desirable. What makes an area desirable can differ from one place to the next, although typical factors include substantial houses, nearby amenities, within a catchment area of good schools, low crime rates, and employment opportunities within commuting distance. The surrounding landscape can also make a difference to the desirability of an area. Here are the 10 richest areas in Dallas, Texas.
10. Greenway Parks
There is a significant drop between the property prices in the locations in the ninth and tenth position on this list, as it is possible to buy properties in Greenway Parks for well under a million dollars. The median house price in Greenway Parks is around $700,000. However, taking into account incomes in this location puts it on the list. According to D Magazine, the median household income is $511,549, which is the second-highest of all the Dallas Fort Worth neighborhoods.
9. Preston Hollow
Preston Hollow is a neighborhood in North Dallas close to University Park. There are many sprawling estates in this area that are hidden from view by trees, and there are also large ranch-style residences. Due to the diversity of the properties, the price range is also wide, with homes costing between $305,000 and $11.9 million. On average, homes in Preston Hollow cost $1.2 million.
Lakewood is a neighborhood that sits alongside White Rock Lake, so there are water views from many of the homes in this area. The most impressive and desirable estates sit alongside the lake, and they are also the most expensive, costing up to $18.5 million. Homes further away from the lake and on less substantial plots can cost closer to $425,000, but the average listing price in this area is $1.2 million. There is varied architecture in this area, with examples of Tudor, Mid-century, Greek Revival, and Colonial Revival-style houses. Other than the location next to the lake, one of the reasons the area is so desirable is that it has one of the best elementary schools in Dallas.
7. Russwood Acres
Russwood Acres is a highly desirable neighborhood in Dallas, where the median listing price is $1.28 million. There are also some slightly more affordable options in this area, as property prices start at around $895,000. Most of the properties in Russwood Acres were built during the 1960s, so 60s architecture is prominent throughout the neighborhood.
Those who live in Bluffview can probably afford the high property prices. According to Home Snacks, the median household income in this neighborhood is $114,929. The large pay packet is necessary for anyone who aspires to live in this area, as the average price of a house is $1.4 million, although prices start as low as $525,000. Those who want to splash the cash for the prestige of living in Bluffview’s best houses may need to spend up to $8.9 million.
5. Glen Abbey
Glen Abbey is a neighborhood that will suit those who prefer modern developments to areas with period properties, as it was only developed in the early 2000s. It is a gated neighborhood that sits along White Rock Creek, and it is close to the Bent Tree Country Club. Although the properties are modern, they have a traditional appearance, so they have plenty of character. While the median home price in Glen Abbey is $1.6 million, homes cost anything from just under $1 million to $7 million, depending on the property and lot size.
4. Melshire Estates
Property prices are not as extreme either way as in some other Dallas neighborhoods, as all the properties are worth between $1.5 million and $1.9 million. The average home in this community costs $1.66 million. Many of the residences in this neighborhood are ranch-style properties, although there are also some new-builds with a contemporary style.
3. University Park
The median property price in University Park is $1.7 million, although the most expensive houses in this neighborhood can cost as much as $16.5 million. On the other hand, there are also residences available costing between $700,000 and $1 million for those who can’t afford the community’s most luxurious properties but want to live in this desirable location. It is a neighborhood that attracts affluent families, as the Highland Park School District falls within the boundaries of this neighborhood, and it is one of the most highly rated schools in Texas.
2. Forest Court
Although the property price range in Forest Court is quite broad, with houses costing anything from under $500,000 to $7.5 million, the median price is $2 million in this neighborhood. There are many different styles available, with some properties built in the 1950s and the more recent in the last few years. Therefore, those who can afford to live within this area have a good choice of properties and are likely to find something that suits their tastes.
1. Highland Park
According to One Girl Two Cities, the richest neighborhood in Dallas is Highland Park. The median price of properties in this neighborhood is $2.5 million. However, the property prices range from just under $900,000 to a staggering $19.5 million. The homes in this area are predominantly large, detached houses that sit on substantial lots along tree-lined avenues. The neighborhood was developed in the early 1900s, and it was designed by the same architect as Beverley Hills. It is one of the most prestigious neighborhoods in Texas, and it is home to the upscale Highland Park shopping village and the exclusive Dallas Country Club.