Highland Park vs Lakewood, TX: Comparing the Real Estate Markets in 2026
Dallas County buyers shopping for luxury real estate eventually land on the same question: Highland Park or Lakewood? Both are close to Downtown Dallas, both attract buyers with real money to spend, and both have loyal followings. But they're genuinely different places, meaning living in Highland Park comes with different price points, different tax structures, and different daily rhythms.
The clearest structural difference: Highland Park is its own independent town. Lakewood is a neighborhood inside the City of Dallas. That distinction shapes everything from your tax bill to who answers the phone when something needs fixing.
Housing Market and Home Prices
As of mid-2026, the median home price in Highland Park sits at roughly $2,720,000. There's been a slight year-over-year dip, but don't read too much into it - supply is tight enough that the real estate market stays competitive.
Lakewood is the lower entry point, and depending on your budget, meaningfully so. Recent data puts the median sale price there between $1,600,000 and $1,700,000, with some reports showing fast year-over-year price growth in the area.
Median Home Prices and Inventory
Highland Park currently has about 44 homes available, which works out to roughly 4.9 months of supply. The average days on market is 15. If a house fits your criteria, you don't have a week to think about it.
Sellers are doing well on their end, too - the average sale-to-list price ratio is 98.7%, and about a third of recent sales have closed above asking. That tells you something about how much room there isn't to lowball.
Cost of Living and Property Taxes
When evaluating the cost of living in Highland Park, property taxes are a major factor. Highland Park's municipal property tax rate is about $0.199 per $100 of assessed valuation - the lowest municipal rate of any city in Dallas County. That number gets a lot of attention, and it deserves some, but it's only part of the picture.
Lakewood residents pay the combined City of Dallas and Dallas County rates. The median effective property tax rate in Dallas runs approximately 1.66%, while Dallas County as a whole averages around 1.41%.
Effective Tax Rates and Exemptions
Here's where Highland Park's story gets more nuanced. The overall effective tax rate for residents is typically around 1.09% - low by Dallas County standards, but applied to home values that start at $2.7 million, so the annual bill stays substantial.
Highland Park also offers a 20% optional homestead exemption and a $50,000 exemption for residents over 65. Run the actual numbers on both, not just the rates. Two addresses at very different price points can produce tax bills that are closer than the headlines suggest.
Commuting to Downtown Dallas
Highland Park sits about four miles north of Downtown Dallas, positioned directly between the Dallas North Tollway and U.S. Route 75. Two major highways within reach of a four-mile radius is a real advantage.
Lakewood leans on U.S. Route 75 as well, plus Garland Road connecting to I-30. The difference is that a lot of Lakewood commuters skip the freeway entirely during rush hour and stick to surface streets instead.
Highway Access and Surface Routes
US-75, the North Central Expressway, is the shared artery here. It runs along Highland Park's border and passes near Lakewood-area destinations like Mockingbird Station and Lower Greenville.
If you're a Lakewood buyer who hates sitting on 75 in the afternoon, you have options. Abrams Road, Gaston Avenue, Ross Avenue, and Live Oak Street all give you a direct line downtown without merging onto anything. Whether that's actually faster depends on the day - and the hour.
Retail Corridors and Neighborhood Access
The North Central Expressway corridor puts major shopping and dining within reach for both areas. That shared spine means neither neighborhood is isolated from the commercial centers that matter to most buyers.
Lakewood is close to Lower Greenville and Mockingbird Station, which function as the primary commercial and entertainment districts for East Dallas. Both are well-established and draw steady foot traffic.
Proximity to Commercial Centers
Highland Park's position on the western edge of the Dallas North Tollway gives residents quick access to business districts in both directions. The town's compact footprint means you're rarely far from a major road.
My honest advice: drive both commutes yourself, at the time of day you'd actually be making them. Traffic on US-75 and the surrounding surface streets changes dramatically depending on the hour, and your experience on a Saturday afternoon tells you almost nothing about a Tuesday at 5:15.
Frequently Asked Questions
How do property tax rates in Highland Park, TX compare to those in Lakewood?
Highland Park carries a lower municipal rate - roughly $0.199 per $100 of valuation - which is the lowest of any city in Dallas County. Lakewood residents pay the City of Dallas rate, putting the median effective rate at about 1.66%. That said, total tax bills in Highland Park stay high because home values start near $2,720,000.
Which area provides a faster daily commute to Downtown Dallas, Highland Park or Lakewood?
It depends on where exactly you're coming from and when. Highland Park has direct highway access via the Dallas North Tollway and US-75. Lakewood residents tend to use US-75 or surface streets - Gaston Avenue and Ross Avenue are common choices - to sidestep the worst of highway congestion.
Is it more expensive to buy a house in Highland Park or Lakewood?
Highland Park is the pricier market. The median home price there is approximately $2,720,000. Lakewood's median sits roughly between $1,600,000 and $1,700,000, making it the lower entry point of the two.
