Off-market transactions by ZIP.

We mapped the off-market share of Dallas ZIP by ZIP — how much of each neighborhood sells without ever reaching a public listing. The study lays out the three big findings. This post does the other half of the job: it sets the 8 ZIPs side by side and reads the differences between them.

Batch 1 is these eight, top to bottom by off-market share:

What all 8 share

Every ZIP in this batch clears 39%. Off-market never drops below roughly two in five sales, and in half these ZIPs it's the majority of the market. The floor is high everywhere — rich, working-class, and in between. This is the batch's one flat truth: in Dallas, the quiet market is not a niche. It's half the board.

Where the 8 split apart

Highland Park sits alone at the top

75205 hits 69% — the highest in the batch by 12 points, and the most expensive ZIP in it. The wealthiest neighborhood is also the quietest one. Money doesn't list more; it sells more of its homes before anything reaches a public feed.

Affluence doesn't set the rate

Compare the two affluent ZIPs in the batch: Highland Park at 69% and North Dallas (75230) at 51%. Both are money. They land 18 points apart. Value tells you nothing reliable about how quiet a ZIP runs — 75230 sits closer to working-class Oak Cliff than to its Park Cities neighbor. The off-market habit is a neighborhood trait, not a price bracket.

Same rate, opposite neighborhoods

Greenville / M Streets (75206) and West Oak Cliff (75211) both land at exactly 57% — an inner-loop mid-market ZIP and a working-class Oak Cliff ZIP, identical off-market share. The number alone would tell you they're the same market. They are not. Which is the point of the next split.

The east side is the floor

Lakewood (75214) at 40% and East Dallas (75228) at 39% anchor the bottom of the batch — the two close-in east-side ZIPs, back to back. Off-market is still four in ten sales here. "Lowest in the batch" still means nearly half the market trades where the listings can't show it.

The rate is universal. The sellers aren't.

The off-market rate is half of what separates these ZIPs. The other half is who's selling. Entity and LLC buyers hold a steady share at every price level: 13.4% of sales in the cheaper ZIPs, 15.4% in the middle, 15.8% in the affluent ones. The seller side pulls apart. Entities are 19.6% of sellers in the cheaper ZIPs, 14.6% in the middle, and 13.1% in the affluent ones — 1.5× the share at the bottom of the ladder that they hold at the top.

Two ZIPs can post the same off-market number — 75206 and 75211 both at 57% — and hand a listing agent two different jobs: one where the seller across the table is a household, one where it's an entity with a mailing address instead of a name. A single "Dallas off-market" average would describe neither.

That is the case for reading a ZIP as a ZIP. The off-market opportunity is everywhere in this batch. Its shape — who sells, who buys, at what price — is local, and it changes across a single street of the map.

Next in the Ledger: batch 2 adds the next set of ZIPs to the map — and we'll set them against these eight, the same way. When it publishes, this post will link straight to it. Until then, explore every mapped ZIP and read the full off-market study.

Methodology: these figures come from our analysis of Dallas market data — arms-length home sales, 2021–2025, across the 8 ZIPs shown. They are directional market statistics — aggregate figures, no individual records — and reflect our measurement rather than a peer-reviewed study. The entity and LLC buyer and seller shares are aggregate figures by price tier, not per-ZIP figures. No individual sale, address, price, or owner is reported here.