D-FW’s Million-Dollar Cities Are The Usual Suspects, But Here’s What Makes Them Unique

We all know which Dallas-Fort Worth municipalities carry Zillow’s recent distinction of Million-Dollar Cities. But let’s review, anyway, because a good many of us like talking about luxury homes.

Listed in order by typical home value are the usual suspects — Westlake ($1,752,752), Highland Park ($1,695.262), Westover Hills ($1,677,514), and University Park ($1,468,731).

Big duh.

But it is interesting to see the big picture when it comes to million-dollar cities.

According to Zillow, the average value of a U.S. home is $263,351, but in 312 cities and towns nationwide, the typical home is worth a cool million or more. That’s an increase of 45 from a year ago and an increase of 104 from five years ago. The net gain represents the largest increase in a decade and follows a decline in 2019.

As you’d expect, coastal metro areas with its proximity to oceans and mountains dominate the million-dollar cities list. More than two-thirds of the nation’s million-dollar cities are within nine coastal metro areas. As expected, 61 are in the San Francisco metro area, 51 around New York City, and 39 in the Los Angeles area. Another big duh.

“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” Zillow senior economist Chris Glynn says in the report. “Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly in the current market, especially since homes are selling in a matter of days in many places.”

According to Zillow, Westlake home values have risen 6.2 percent over the past year and projected to increase by 10.4 percent in 2021. The others: Highland Park (4.3 percent increase, 10.7 percent projected increase), Westover Hills (2.8 percent increase, 9.7 percent projected increase), and University Park (4.3 percent increase, 10.4 percent projected increase).

Considering the average home value in the Dallas-Fort Worth market is $268,012, the four municipalities that emerged as million-dollar cities is telling.

Here’s a snapshot of D-FW’s million-dollar cities for newcomers:

Westlake: In 2011, the town was identified by Forbes as the most affluent neighborhood in America. Incorporated in 1954, the town consists of 6.7 square miles and is in Denton and Tarrant counties. The estimated population in 2019 was 1,709. At one time or another and maybe now, residents included the Jonas Brothers, former Dallas Cowboys tight end Jason Witten, former Texas Rangers slugger Josh Hamilton, radio personality Glenn Beck, and BNSF Railway CEO Matthew Rose. And who else fantasizes about living in the gated Vaquero development?

Highland Park: The town of nearly 9,000 residents incorporated in 1915 has developed a distinct personality because of its seen-and-heard affluence, notably its mansions and its sub-communities. Speaking of notable, a lot of well-known people have ties to HP, including former governor Bill Clements, Dallas Cowboys owner Jerry Jones, and professional athletes Clayton Kershaw, Matthew Stafford, and Marty Turco. In the 1980s, the TV drama Dallas was shot on location in HP.

Westover Hills: Westover Hills is an enclave within Fort Worth with an estimated 700 residents living in 277 homes on nearly 455 acres just north of Interstate 30. Westover Hills even has its own police department. It’s a Republican stronghold with the GOP claiming the town’s favor in presidential races since Thomas Dewey in 1948. The GOP’s closest call was 1964 when Barry Goldwater claimed only 64.22 percent of the town’s vote.

University Park: In 1915, University Park incorporated and has had a consistent population of about 24,000 residents and 2,350 acres. Notable people from UP range from 1948 Heisman Trophy winner Doak Walker to John Hinckley, would-be assassin of President Reagan. Despite Hinckley, UP also is a GOP stronghold with strong Republican support in presidential elections since 1996.