When you think of Dallas, you might picture Cowboy hats, football, and oil wells, but the Dallas Real Estate Market is surprisingly diverse. From steady home prices to game-changing inventions to a thriving art scene, Dallas is a cultural powerhouse right with history and an impressive real estate market to boot (no pun intended).
Dallas is a macro-neighborhood eco-center
Dallas is kind of huge. As part of the fourth largest metroplex in the United States, Dallas is divided into four larger territories: Central Dallas, East Dallas, Oak Cliff, and South Dallas. Within those territories are 27 macro-neighborhoods, each with their own vibe. Like Deep Ellum, which comprises art and music venues to the Southwestern Medical District, a 1,000-acre stretch of medical facilities. No matter what you’re looking for, Dallas probably has it.
The art scene is thriving
The Dallas Arts District is the largest continuous art district in the nation, capping out at 118 acres. The area is home to art museums, exhibits, symphony orchestras, ballet, performance halls, and opera houses, to name a few.
The Dallas real estate market is steady
While real estate has seen highs and lows lately, the Dallas real estate market is steady. As of October 2023, the median listing price for a single family residential property was $476,600, trending up 4.7% year-over-year. Currently, in the city proper, home prices range from $1 to $60 million, meaning the market offers a wide range of options for style, size, amenities, and price point.
A lot of corporations call Dallas home
The Dallas-Fort Worth Metroplex is home to dozens of corporations, drawing young professionals to the region and sustaining the demand for rental properties. Over 20 Fortune 500 companies alone call Dallas home.
The area is also a trendsetter in the business world. GameStop, Micheals Arts and Crafts, Nieman Marcus, and 7-11 were all founded in Dallas.
They invented the margarita machine
Speaking of 7-11, in 1971, Mariano Martinez invented the first frozen margarita machine in his restaurant, Mariano’s Mexican Cuisine. He built his machine from an old Slurpee machine, and history was made. Today, Martinez, aka “The Thomas Edison of Frozen Tequila Drinks,” has another claim to fame: that original marg maker is sitting in The Smithsonian.
Bonnie and Clyde were from Dallas
Bonnie Parker and Clyde Barrow were born and raised in Dallas, Texas, before becoming one of the most infamous couples in the nation’s history. The pair conducted much of their crime spree in Texas. In 1933, Dallas police officers tried — and failed — to apprehend the couple. They were eventually caught in a police ambush in Louisiana. Today, there is a historical marker in nearby Southlake, Texas, highlighting at least one of the couple’s police shootouts.
The cost of renting is slightly cheaper
Dallas is pacing on trend with the cost of rent in the nation. As of 2023, an average one-bedroom apartment rents for $1,371, while a two-bedroom rents for $1,862. That’s slightly lower than the nationwide median of $1,967. However, some areas in Dallas are seeing sharp cost increases. Between 2022 and 2023, the average rent price increased 35% in Knox Henderson and 36% in Midtown.
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The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. The views reflected in the commentary are subject to change at any time without notice. View Arrived’s disclaimers.
