DALLAS — Read this story and more North Texas business news from our content partners at the Dallas Business Journal
The Dallas suburb of Forney in Kaufman County is hands down the hottest area for home sales in North Texas.
A total of 2,628 homes have sold in Forney’s 75126 ZIP code in the past year, according to an analysis of Multiple Listing Service data conducted by Opendoor at the request of the Dallas Business Journal.
The median close price for the year to date in Forney is $364,388, which is 18% higher than the median year-to-date of $310,000 in August 2021.
Opendoor, an online homebuying platform, pulled data from the North Texas Real Estate Information Services at the request of the Business Journal in order to get the most up-to-date breakdowns on sales volume and price trends in neighborhoods and ZIP codes throughout DFW in a rapidly changing housing market. The data includes new and existing single-family, townhouse and condo sales, and excludes land and commercial properties.
Based on that analysis, the 75126 ZIP code in Forney was the hottest zone in North Texas.
Homebuilding, good schools and affordability are the driving forces in Forney, said Jackson Upcheshaw, Opendoor brokerage lead, based in Dallas.
“We’ve been seeing increased interest in areas surrounding the Metroplex, so it’s not surprising that Forney is at the top of the sales list,” Upcheshaw said. “The area is abundant with new construction and offers residents both affordable pricing and good schools. It’s an ideal location for families and overall an attractive option for any DFW residents.”
The Krugerville/Aubrey ZIP code 76227 ranked second in transaction volume, with 1,884 home sales in the last 12 months.
The median close price now stands at $425,000 year to date in Krugerville/Aubrey. That’s up 21% from a year ago.
The 76179 ZIP Code in eastern Tarrant County, which includes Saginaw and part of Fort Worth, ranked third in volume, with 1,493 sales in the last year. Its median year-to-date close price of $360,000 is up 20% from the first eight months of 2021.
Little Elm was the fourth hottest pocket in North Texas, with 1,402 home sales in the past year. Median close prices in Little Elm’s 75068 ZIP code stand at $465,000 so far this year — up 24% from a year ago.
“The price growth in Little Elm’s 75068 can be attributed to strong new construction investment and an active resale market,” Upcheshaw said. “Watch this neighborhood as it continues to grow over the next few years.”
The Royse City/Fate ZIP code 75189 ranked fifth hottest, with 1,328 sales in the last 12 months. Burleson’s 76028 ZIP followed, with 1,278 sales.
Median year-to-date closing prices in Royse City/Fate are up 17% compared to the same timeframe of last year, climbing to $370,000 from $317,000. Closing prices in Burleson also grew 17% year to date, to $351,000 currently vs. $300,000 a year ago.
McKinney’s 75071 ZIP had the seventh highest sales volume, with 1,265 properties changing hands in the past 12 months. Home prices in McKinney shot up 25% in the past year — the biggest price increase among the 10 hottest sales markets in North Texas. The median close price year to date hit $575,000 as of August, up from $460,000 in the first eight months of 2021.
Buyers continue to get aggressive with their offers for homes in McKinney, Upcheshaw said.
“McKinney’s 75071 is once again topping the charts as one of the most active ZIP codes in the area,” he said. “The median close price of over $575,000 YTD for 2022 also comes as no surprise as anyone who has been eyeing a home in McKinney has witnessed fierce competition."
While hot pockets remain across North Texas, the market overall is softening, Upcheshaw said. According to market data, the number of sales has remained relatively flat over the last 18 months, but new listings and especially active listings have shot up since spring of 2022, he said.
“We typically always see listings peak in the summer but we’re at new highs as compared to summer 2021 as sellers look to take advantage of the recent price appreciation.,” Upcheshaw said.
Dallas-Fort Worth has the benefit of a very diverse economy, and the real estate market has been buoyed by a steady supply of new residents moving to the area, he said. But the impact of rising interest rates are being felt and will continue to impact DFW, just as they are in the rest of the nation, he said.
“Dallas is experiencing the same buyer hesitancy due to rising interest rates that can be found in other markets, but slightly less so,” Upcheshaw said. “Sales numbers have remained fairly steady and the average home price is up 7% year over year. The number of active homes is higher than at this same period last year, which means that the fierce competition should start to normalize as buyer options increase.”
Rounding out the 10 hottest neighborhoods in DFW:
- Keller’s 76244 ZIP code has 1,134 home sales in the past year. The median year-to-date close price is $420,000, up 22% from $345,250 in the same period last year.
- Mansfield’s 76063 ZIP code has 1,125 home sales in the past year. The median year-to-date close price is $450,328, up 16% from $388,750 in the same period of 2021.
- The Argyle/Lantana ZIP code 76226 has 1,119 home sales in the past year. The median year-to-date close price is $612,995, up 18% from $518,500 in the same timeframe last year.