For people seeking a new home, Dallas-Fort Worth is one of the most exciting markets in the United States. In an interview, Jeff Ferguson, a Dallas real estate agent with Virginia Cook Realtors, cited it as the "sixth strongest real estate market in the country." Homebuyers would be hard-pressed to find a poor real estate market in any DFW neighborhood, yet Ferguson pointed out three of the hottest markets in Dallas: Downtown and Uptown, the area around the Jesuit College Preparatory School of Dallas, and Richardson.
Hottest Real Estate Market in Dallas: Downtown and Uptown
Thanks to their location and the recently opened park over Woodall Rodgers Freeway, Downtown and Uptown are the most exciting real estate markets in Dallas-Fort Worth right now. According to Ferguson, being close to Dallas' center is key. People want to live inside the Loop, preferably at the center of the city. No neighborhood is more centrally located in Dallas than Uptown and Downtown.
In the past, these two neighborhoods were divided by Woodall Rodgers Freeway. In October 2012, Klyde Warren Park opened on top of Woodall Rodgers Freeway. As the park's website says, it "creates green space 'out of thin air' that connects the vibrant Uptown neighborhood with the Dallas Arts District and downtown." Ferguson noted how this green space has already attracted pedestrians and made the area more pleasing to prospective home buyers.
These neighborhoods are still lacking a supermarket, he mentioned. However, Klyde Warren Park's restaurant, which is slated to open late this summer, might be the first of many new food establishments to move into this area.
Great Investment Real Estate in Dallas: The Jesuit Neighborhood
When discussing Dallas' various neighborhoods, Ferguson was excited about the real estate investment possibilities in the area around the Jesuit College Preparatory School. Just below I-635 along Inwood Road, this neighborhood is within the Loop and close to the Dallas North Tollway.
Ferguson's experience has shown that the prices of older homes in this North Dallas neighborhood are often between $350,000 and $400,000, which is an affordable home price compared to Highland Park and University Park. However, new homes around the school often sell for around $1.2 million. This gap between older and newer home prices is a developer's dream. Ferguson has seen several developers purchase an older home, tear it down, and build a new one, which they quickly sell at a significant profit.
Excellent Family Homes Near Dallas: Richardson
Richardson is technically a suburb of Dallas, but it is barely outside the City of Dallas' limits. When comparing the North Dallas suburbs, Ferguson favored Richardson over Plano, Grapevine, and others. He mentioned Richardson's proximity to I-635 and I-75 as a positive, as they make Richardson one of the most accessible suburbs. He has noticed families favor this Dallas-area neighborhood because it has a strong school system and the housing is relatively inexpensive. "Richardson is exciting. It's very affordable, yet it's adjacent to high-end communities like the Park Cities," said Ferguson.
Rob Toccs is a homeowner in Dallas and has previously rented Dallas property to tenants. He writes on the latest Dallas news.