A new study identifying the most expensive neighborhoods across the country puts one Fort Worth neighborhood close to the top of the list for all of Texas.
Fort Worth's Mira Vista has been named the fourth most expensive neighborhood in the state — and the most expensive in the city — by ConstructionCoverage.com. The affluent neighborhood boasts a median home value of $893,400. Home values in the neighborhood jumped 3.91 percent in just one year, 4.97 percent in the last five, and 2.71 percent in the last decade, the study adds.
Meanwhile, the median home price in the U.S. is $226,700, according to the Zillow Home Price Index, which Construction Coverage used to compare more than 7,000 neighborhoods across the country.
The most expensive neighborhood in the state is Austin's Barton Creek. The upscale neighborhood boasts a median home value of $1,046,600 — currently at its peak. The second most expensive neighborhood in Texas is Afton Oaks. Located in Houston's ritzy River Oaks area, it boasts a median home value of $1,024,600.
Two other Fort Worth neighborhoods rank in the top 20 for the state: Crestline Area is No. 9 with a median home value of $662,600, and Tanglewood is No. 12 with homes priced at $602,300.
Nearby Dallas has two neighborhoods in the top 20. North Dallas ranks as the seventh most expensive neighborhood in Texas, at $685,200, and Bluffview ranks 15th with a median home value of $552,800.
Compass real estate broker Grigor Licul told Construction Coverage that the most coveted neighborhoods have more to offer than nice homes. Buyers also buy into a place with "good infrastructure, school districts, and transportation," among other things, he said.
As a result, “Developers follow the demand and develop a higher end product within these neighborhoods, further stratifying the market," Licul said. "It is a reinforcing loop which causes the neighborhoods with a higher price baseline to maintain their pricing advantage [and] remain more resilient to potential downturns.