High housing prices have been a significant discussion in local media, including a recent report on WFAA. While the cost of housing in Dallas may be slowing its historic climb, according to the S&P Dow Jones Indices, prices are still up around 14% from last year.
The market information also indicates that prices show no signs of coming back down any time soon. The median home price in Dallas is hovering just under $300,000, which is not attainable for many residents.
Now, however, developers are making progress. With the help of banking partners, Wells Fargo and Benchmark Banks, the Muse Foundation, and local nonprofit Builders of Hope are hoping to make a positive impact in the South Dallas housing market. Specifically in the Mill City neighborhood.
According to NBCDFW, Builders of Hope has broken ground on a massive project expected to bring 300 new homes to the neighborhood over the next five years. The new homes will feature three to four bedrooms as well as wood floors and granite countertops. In addition, the plan is to sell the homes for around $200,000, which is practically unheard of in the current real estate market.
Alendra Lyons, the Mill City Neighborhood Association head, has fond memories of growing up in the area and is excited to see some new life brought into the neighborhood. “It was a thriving area where people were 80% [owned] and 20% rental. Now that has flipped,” she said.
Mill City has also recently received a Dallas Fire Station, and a new community park is in the works for the Fair Park parking lot.
“What I see is a collaboration of all of the key players that it’s going to take to build hope in a very resilient neighborhood,” said City Councilman Adam Bazaldua.