The most expensive neighborhoods in the Dallas area in 2026 are Highland Park, University Park, Preston Hollow (especially Old Preston Hollow and streets like Strait Lane), Volk Estates, and close-in enclaves such as Bluffview, Devonshire, Greenway Parks and the high-rise corridor along Turtle Creek. Highland Park's typical home value was $3,034,876 as of September 2026, and University Park's was $2,470,693, according to Zillow Home Value Index data compiled by Stacker. Both rank in the top four most expensive housing markets in Texas.
At The Agency Dallas, our agents work in all of these neighborhoods. This guide ranks them, explains what drives their prices and links to our deeper guides on each.
Which Dallas neighborhoods have the highest home values?
Highland Park and University Park are separate towns surrounded by Dallas, but most buyers think of them as part of the Dallas market. Here is how the top areas compare, from highest to lower:
- Highland Park. Typical value of about $3.03 million in September 2026. Its 75205 ZIP code also ranked first in the Dallas-Fort Worth luxury market for the fourth quarter of 2025 in a Dallas Business Journal analysis. Streets like Beverly Drive and Lakeside Drive set the high end.
- University Park. Typical value of about $2.47 million. Volk Estates, with acre-plus lots along Turtle Creek, sits at the top of the town's range.
- Preston Hollow. Inside the City of Dallas, with estate lots of one to several acres in its oldest sections. Strait Lane and Old Preston Hollow include some of the most expensive homes in the city.
- Bluffview and Devonshire. Close-in North Dallas neighborhoods with a mix of estate lots, renovated traditional homes and new custom builds.
- Greenway Parks. A historic neighborhood with private greenbelt parks, bordering Highland Park and University Park.
- Turtle Creek and Uptown high-rises. The 75201 ZIP code ranked third in the same Dallas Business Journal luxury analysis, driven largely by high-end condos.
- Lakewood and Swiss Avenue. East Dallas's highest-priced areas, with lakeside estates and protected historic mansions.
What makes these neighborhoods so expensive?
The same handful of factors show up again and again:
- Land. Large lots close to the center of Dallas are scarce, and land is often most of the value.
- Schools. Highland Park ISD serves Highland Park and University Park, and Preston Hollow is close to many of the city's best-known private schools.
- Location. These neighborhoods are minutes from downtown, Uptown, Love Field, Highland Park Village, NorthPark Center and Preston Center.
- Limited supply. Long ownership periods and few new lots keep inventory low.
- Protections. Zoning, deed restrictions and conservation or historic districts preserve neighborhood character, which buyers pay for.
Where should I look in each price range?
Within each neighborhood, prices run from older homes priced for the lot to new or restored estates. As a rule of thumb:
- Buyers focused on Highland Park ISD compare Highland Park and University Park. See whether Highland Park or University Park is better for buying a home.
- Buyers who want acreage inside the city look at Old Preston Hollow and Preston Hollow. See which Dallas neighborhoods have the largest residential lots.
- Buyers who want lock-and-leave living look at Turtle Creek and Uptown high-rises. See the best luxury condo buildings in Dallas.
- Buyers comparing Preston Hollow with Highland Park can start with Preston Hollow or Highland Park: which should I buy in?
How do these Dallas neighborhoods compare with the rest of DFW?
Westlake, in Tarrant County, had the highest typical home value in Texas in September 2026, at about $3.23 million, followed by Highland Park, Westover Hills in Fort Worth and University Park. Southlake, Bartonville, Colleyville, Parker and Lucas also rank among the state's most expensive cities. For the full regional picture, see our guide to the most expensive neighborhoods across Dallas-Fort Worth.
How The Agency Dallas works in Dallas's top neighborhoods
The Agency Dallas is an independently owned luxury real estate brokerage at 8111 Preston Road, in the middle of these neighborhoods. Highland Park, University Park and Preston Hollow sales are a core part of our business. Our agents prepare written valuations based on closed sales, and our in-house marketing team builds the campaign for each listing. For current numbers, see our October 2026 Dallas luxury market report and our Preston Hollow housing market report.
How should I read home value rankings?
Rankings like the ones above are useful, but they are easy to misread. Keep three things in mind:
- Typical value is not sale price. Zillow's Home Value Index estimates the middle of the market for all homes in an area, not what the most expensive homes sell for. The top homes in each neighborhood sell for many times the typical value.
- City lines matter. Highland Park and University Park appear on statewide lists because they are their own towns. Preston Hollow does not, because it is part of the City of Dallas, whose average includes every price point. That does not mean its best streets are less expensive.
- ZIP codes mix neighborhoods. A ZIP-level number blends very different streets. Within 75205 or 75225, prices change sharply from one block to the next.
For an individual home, closed sales on the same street or in the same section of a neighborhood are far more useful than any ranking.
What should buyers check before buying in Dallas's top neighborhoods?
- Which city you are in. Highland Park, University Park and Dallas have different tax rates, building rules and services.
- School assignment. Confirm the exact school for any address with the district.
- Land versus house. In many of these neighborhoods, the lot is most of the price. Know what you are paying for.
- Rules for changes. Zoning, deed restrictions and conservation or historic districts can limit renovations and new construction.
Frequently asked questions
What is the most expensive neighborhood in Dallas?
Highland Park is the most expensive area in the Dallas market, with a typical home value of about $3.03 million in September 2026 per Zillow data. Within the City of Dallas itself, the estate sections of Preston Hollow, including Strait Lane and Old Preston Hollow, have some of the highest-priced homes.
Is Highland Park part of Dallas?
Highland Park is a separate town surrounded by Dallas, with its own government and police and fire services. It shares the Highland Park Independent School District with University Park. Most buyers consider it part of the Dallas real estate market.
What is the most expensive ZIP code in Dallas?
The 75205 ZIP code, which covers Highland Park and part of University Park, ranked first in the Dallas-Fort Worth luxury market in a Dallas Business Journal analysis of fourth-quarter 2025 sales. Zillow put the typical home value in 75205 at about $2.03 million in January 2026.
Which expensive Dallas neighborhoods have the biggest lots?
Preston Hollow, especially Old Preston Hollow and streets like Strait Lane, has the largest lots inside the City of Dallas, with many sites of one acre or more. Volk Estates in University Park also has acre-plus estate lots.
Are Dallas luxury home prices still rising in 2026?
Conditions vary by neighborhood and price point. Buyers have more leverage across North Texas than in 2021 and 2022, while the most desirable streets with limited supply have held value well. Check current closed sales for the specific neighborhood you are considering.
Sources: Stacker, "Cities with the most expensive homes in Texas," Zillow Home Value Index data as of September 2026; Hoodline, "Highland Park snaps back to No. 1 in DFW luxury home race," March 17, 2026, citing Dallas Business Journal and Zillow. Accessed October 30, 2026.
