DALLAS — If you’re a longtime home owner in the East Dallas ZIP code 75228, congratulations.
Home values in your neighborhood rose a whopping 113 percent in the past 10 years — more than any other postal code area in North Texas. Put another way, median home values in 75228 increased from $96,300 in 2009 to $204,200 today, according to a Dallas Business Journal analysis of single-family home data from Zillow Group Inc.
Today’s edition of “Hottest 'Hoods in North Texas” shows the ZIP codes with the biggest percentage increase in home values over the past decade.
You can see the top 25 by clicking here.
If, however, your home is in ZIP code 75039, which includes Irving’s Las Colinas area, values have risen a relatively puny 20 percent in the past decade. Median home values increased from $403,700 in 2009 to $483,200 today, the lowest percentage increase of the 171 ZIP codes we analyzed across North Texas.
Smaller increases, of course, are good when it’s time to pay property taxes, but bad when it’s time to sell.
In general, our analysis showed a greater percentage home value appreciation in areas that started with more modest home values.
There are multiple reasons for this. One is a slowdown in demand for luxury homes here in the Dallas-Fort Worth area and in many other parts of the country. Another is that it’s mathematically easier to post more dramatic percentage gains in home prices when you’re starting with a lower median value.
In Highland Park’s 75205 ZIP code, for example, median home values rose 49 percent in the past decade, going from $909,900 in 2009 to $1,355,700 today. In neighboring University Park, the median rose 50 percent, from $844,400 to $1,267,800, in the same period.
Home values in 10 of the 171 North Texas ZIP codes doubled or more than doubled over the last decade.
Out of the top 25 ZIPs with the most percentage appreciation, all started with 2009 median values of $170,000 or less.
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