Over the past decade, homes in the ZIP code 75208 have nearly quadrupled in value.
In 2012, the 75208 area had a median home value of $121,658. Now, data from listing giant Zillow shows that figure reaching more than $450,000. In other words, the area, which includes the trendy Bishop Arts and Kessler Park neighborhoods southwest of downtown Dallas, appreciated 270 percent.
The ranking was reported by the Dallas Business Journal as part of its “Hottest Neighborhoods in North Texas” series. The Journal previously named Highland Park as the neighborhood with the highest median home values and Prosper and Poolville as the areas with the biggest year-over-year price increases.
“In 2012, we started to see the lessening effects of the (2008 housing) downturn,” Compass real estate agent Jenni Stolarski told DBJ. “That was the beginning of this last arc of appreciation, and it was a huge, long arc.”
Stolarski has lived and worked in the 75208 area for 18 years and does about 70 percent of her real estate business there. She said that over the last decade — especially in the last four years — there have been three major groups flocking to ZIP code, which offers single-family homes with proximity to downtown.
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The first group is out-of-town buyers.
“These out-of-town buyers are like, ‘Oh, you have all these great things I want,’” she said “You have walkability, 75208 has parks, 75208 has neighborliness. You have proximity to downtown and entertainment districts. Oak Cliff is a great option for that for the price that it was, and I still think it’s a great value.”
Older couples, retired and otherwise, also discovered the area in large numbers, Stolarski said, adding that these buyers typically hail from elsewhere in the DFW metroplex.
“These are older couples who have freedom about where they work,” she said. “They’re people who are later in life and they have grown their kids and they’re like, ‘I want to live somewhere more fun. I don’t need to live somewhere where I have to drive everywhere.’”
Lastly, there’s long-time residents — or “ntent Oak Cliffers” as Stolarski calls them — who are sizing up.
“It’s people who have been here since 2000 or 2010,” she says. “They just kept moving up, so when you say the prices went up, well these people also bought bigger houses.”
The group is a powerful driver of home values not just in 75208 but also in the neighboring ZIP code of 75226, which includes Deep Ellum. The artsy neighborhood, located on the eastern flank of Downtown Dallas, came in second on DBJ’s ranking. Since 2012, it’s seen home values ascend 240 percent from a median of $117,775 to $400,899.
— Maddy Sperling