You may already know that $500,000 is above the average cost of condos currently for sale in Dallas. How far above the average? Well, according to Dallas News, the median closing price in June of 2018 for the Dallas metro area was $273,000.
Unfortunately for a buyer, that's not a very useful number because this data lumps Dallas, Fort Worth, and Arlington together in one big pot. Sure, each city is fairly close to the other but the problem comes when you're trying to determine what condos are actually selling for in a specific building or neighborhood. By taking the median price for all sales in the entire Dallas- Fort Worth area you're not getting a truly useful or accurate market comparison.
The best way to solve this problem is to narrow the focus. For example, Uptown and Turtle Creek in Dallas, along with the urban Fort Worth area, are three of the most desirable neighborhoods in the metro area. Here's a quick look at what $500,000 could get in each.
If you're spending half a million dollars in Uptown, the historic McKinney quarter is a great option. There you'll find the best shops and restaurants in the area, all within walking distance.
Check out the West Village Condominiums at 3699 McKinney. A big 1-bedroom, 1.1-bath unit could come in a few tens of thousands under the mark, and a 1-bed, 2-bath condo might fetch a little over.
For industrial chic a little bit outside of the hubbub, take a look at 588 Lofts on 3110 Thomas, backed right up against Griggs Park. 2-bed, 2-bath units there are going for around $480,000.
Turtle Creek Dallas
While Uptown offers a vibrant energy with new developments and urban renewal, the well established Turtle Creek neighborhood is know for it's classic charm. Take a look at The Beverly, where uber-stylish 1-bedroom condos are going for around $475,000.
Fort Worth Urban Center
Fort Worth is a surprisingly cool mix of rehabbed landmarks and up-and-coming luxury developments. The recently repurposed Montgomery Plaza landmark building has 2 bedroom, 2 bathroom units listed right around the $500,000 mark, as well as some enviable penthouses in the million-plus category.