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Nurall: Take a closer look at the neighborhood data to find the community that suits you best.
Discover and Explore World Wide Neighborhoods
Hi Everyone, Thanks for liking and sharing feedback for posts from our team at Nurall. We love your inputs as we build the Nurall mobile app for customers to discover worldwide neighborhoods. In previous posts with Nurall insights, we looked at Miami county home prices and US community insights.
This post continues this series, and we surface the need to dive deep and look at neighborhood-level property trends to find properties to buy or rent. For this analysis, we look at properties in Dallas, Texas, with two great data sources regrid for property assessment data and realpage for rental data.
Questions to cover: What are the average property assessment values in Dallas, TX? Which neighborhoods or zip codes are expensive? Should we consider renting versus buying homes in the desired community?
Analysis: Dallas city is part of Dallas County with a 2020 real estate property approximate assessment value of ~$372 Billion, covering ~826 K properties. The entire real estate assessment value for Dallas county alone is comparable to GDP for Singapore (~$374 Billion). It would place Dallas County in ~38th position for countries with the highest worldwide GDP.
We look deeper to find Dallas, Garland, and Irving are the top 3 cities, with Dallas City’s average assessment values being ~$336K. (reference: Table 1)
Table 1: Top5 cities for Residential Real Estate Property Values in Dallas county.
Picking Dallas City, we see an extensive range from $1.6M to $476K for the top 10 zip codes based on property assessment value. In addition, we have greater than 200% variation, including three zip codes with over $1 Million (reference: Table 2).
Table 2: Top 10 zip codes by average property assessment value
The property price variation is further enhanced when we look at zip codes with the most properties; we see average property assessments range from $89K to $696K. (reference: Table 3)
Table 3: Top 10 zip codes by number of properties
This analysis surfaces the difficulty in making decisions based only on city-level trends.
Neighborhood Insights: Bishop Arts District. To be actionable, we change focus to consider a single neighborhood we have selected, Bishop Arts District (Zipcode 75208). Located Five mins to the North of Downtown Dallas this area is known for trendy restaurants, cafes, places to eat and shop around.
Neighborhood Photo by Ashley Byrd on Unsplash
Property Values: This neighborhood has ~8K properties with an average property assessment value of ~$311K. Single-family residences (SFRs) are the majority, with property assessment value ~$329K. (reference: Table 4)
Table 4: Bishop Arts District, property_types and assessment values
Rental Estimates: For Apartments in this neighborhood, we see recent rents estimates from Graph 1 at ~$1385 for 1 Bed, ~$1696 for 2 Bed and ~$1778 for 3 Bed apartments.
Graph 1: 2021 rent estimates. Blue: 1 Bed, Orange: 2 Bed, Grey: 3 Bed
These neighborhood insights are fun as they become actionable. For example, purchasing a $400K 2 Bed Room townhouse results in a $1,796 monthly mortgage cost (assuming 3.5% interest and 30 yr loan) versus $1,696 for monthly rent. Customers can now use this insight with additional criteria to make a buy vs. rent decision.
Like the example in this post, to choose a community, our suggestion is to look at the macros (county, city) level trends and then go deeper to see Zipcode or neighborhood trends. By looking deeper, you can compare places, get current and previous price trends, and help make choices.
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