Palo Pinto County · North Texas community guide
Life at Possum Kingdom Lake
Possum Kingdom Lake, "PK" to locals, is known for clear blue water, dramatic cliffs and some of the most sought-after lake homes west of the metroplex.
Overview
About Possum Kingdom Lake
Possum Kingdom Lake is a reservoir on the Brazos River, mostly in Palo Pinto County, and was the first water-supply reservoir built in the Brazos River basin. It covers roughly 17,000 acres with about 310 miles of shoreline and is impounded by the Morris Sheppard Dam, built from 1936 to 1941 as a Brazos River Authority and Works Progress Administration project.
The lake sits where the Brazos winds through the Palo Pinto Mountains, a canyon setting known for clear water. Its most famous landmark is Hell's Gate, a dramatic break in the cliffs that draws boaters. The Civilian Conservation Corps built much of Possum Kingdom State Park in the early 1940s.
Who Possum Kingdom Lake suits
PK suits buyers looking for a weekend lake house, a full-time waterfront home or a short-term-rental investment, as well as retirees seeking scenery and quiet.
At a glance
Possum Kingdom Lake by the numbers
Figures are sourced below with their dates. Market values change; confirm current numbers with Jamie before making decisions.
Housing
Homes & neighborhoods
Lake real estate ranges from cabins and older lake houses to luxury waterfront homes and gated communities. Waterfront purchases call for extra due diligence: shoreline and dock permits through the Brazos River Authority, septic systems, private water, flood elevations and insurance. Jamie walks buyers through each item.
Before you buy at PK
The Possum Kingdom buyer checklist
Lake homes involve more than a standard inspection. Based on the Brazos River Authority's guidance for buyers, plan for these items before closing:
- Inspect the dock, walkways and retaining wallsDocks sit over BRA-owned lakebed and need an On-Water Facility permit. Repairs needed before a permit can be issued are easier to negotiate before closing.
- Transfer the dock permitPermits must be transferred to the new owner through the BRA: a one-time $75 application/inspection fee, with no annual dock fee at PK. New docks are limited to 2,000 square feet.
- Inspect the septic systemThere is no municipal wastewater service outside gated communities, and the BRA permits septic systems within 2,000 feet of the lake or its 1,000-foot contour.
- Check the lake-water pumpIf the property irrigates from the lake, the pump, piping and Residential Water Use Permit should be reviewed and transferred.
- Know the 1,000-foot contourIt marks the deeded line between private property and the lake; no permanent structures are allowed below it, and shoreline work needs a licensed surveyor to mark it.
- Confirm county, CAD and school districtMost of PK is in Palo Pinto County, but parts of the shoreline reach Stephens and Young counties.
- Price insurance earlyGet wildfire, wind/hail and flood quotes before your option period ends.
Source: Brazos River Authority, Buying and Selling at PK. Fees and rules can change; confirm with the BRA lake office.
Homes for sale
Homes for Sale in Possum Kingdom Lake
MLS search coming soonSearch Homes in Possum Kingdom Lake
Live MLS listings for Possum Kingdom Lake (ZIP 76449, 76429) are coming to this page soon. In the meantime, Jamie will happily send you current listings that match what you are looking for, including new and coming-soon homes.
Schools
Possum Kingdom Lake school districts
| District | TEA 2026 | TEA 2025 | Notes |
|---|---|---|---|
| Graford ISD | A (92) | A (92) | Serves much of the lake's eastern side; other shoreline areas are in neighboring districts, so confirm by address. |
Ratings are Texas Education Agency A–F accountability ratings (overall score in parentheses), released August 2026. See campus details on TXschools.gov. School boundaries change and don't follow city limits; confirm the assigned schools for any address with the district.
Market notes · as of September 2026
Possum Kingdom Lake home prices
Zillow's Home Value Index puts the typical Graford home at $666,290 as of September 2026, up 2.5% from a year earlier. The index is a smoothed, seasonally adjusted measure of mid-tier single-family homes and condos, not a sale price for any one house.
No Zillow index exists for the lake itself; this is Zillow's Graford index, which includes many lake-area homes.
For comparison, Zillow's Fort Worth index was $292,949 in the same month.
More local numbers (September 2026)
- Realtor.com, ZIP 76449 (Graford / PK): median list price $689,000, 103 active listings, 137 median days on market, 9.8% of listings with a price cut. Source: Realtor.com Research ZIP inventory.
- Realtor.com, Palo Pinto County: median list price $494,194, 289 active listings, 109 median days on market, 15.6% of listings with a price cut. Source: Realtor.com Research county inventory.
List prices (Realtor.com) and sold prices (MLS) measure different things and aren't directly comparable. Small markets can swing sharply month to month.
Values vary widely by street, lot size, age and condition, especially where acreage, waterfront or new construction is involved. Before you buy or list, ask Jamie for a free comparative market analysis built from current active, pending and sold listings in the NTREIS MLS.
Property taxes
Possum Kingdom Lake property tax rates
2025 adopted rates per $100 of taxable value, from the Texas Comptroller:
| Taxing unit | Rate per $100 |
|---|---|
| Palo Pinto County | $0.2822 |
| Graford ISD | $0.7616 |
| Combined (before special districts) | $1.0438 |
Most lake property is outside any city limits, so the combined figure shows county and school-district rates only. Shoreline parcels can fall in different counties and school districts, so check each parcel with its appraisal district.
Example only: on a home appraised at the typical Graford value of $666,290, the combined rate works out to about $6,955 a year before exemptions. A homestead exemption lowers the school-tax portion (school districts must exempt $140,000 of a homestead's value, with an additional $60,000 for owners 65 or older or disabled, per the Texas Comptroller). Your actual bill depends on the appraised value, exemptions and any special districts.
Special districts (hospital, college, emergency services, MUD/PID and others) are not included and vary by property. Appraisal district: Palo Pinto County. This is general information, not tax advice.
Getting around
Commute & roads
SH 16 and SH 254 serve the east side of the lake via Graford; US 180 connects the south side to Mineral Wells and Breckenridge. Possum Kingdom State Park is reached by Park Road 33 near Caddo.
- Downtown Fort Worth: about 129 minutes / 103 miles
- Graford: about 65 minutes
Drive times are routing estimates from OSRM without traffic; rush hour and highway construction can add significant time.
Outdoors
Lakes & recreation
Swimming, boating, skiing, scuba diving and fishing for striped bass, largemouth bass, catfish and crappie are popular. Possum Kingdom State Park adds campsites, cabins, a boat ramp and trails.
Things to do
Notable attractions at Possum Kingdom
- LandmarkHell's Gate
Dramatic cliff opening, the lake's best-known landmark and a favorite gathering spot for boaters.
- State parkPossum Kingdom State Park
Camping, cabins, fishing and trails on the western shore.
- Historic structureMorris Sheppard Dam
The 1936–1941 dam that impounds the lake.
- Visitor informationPossum Kingdom Lake Chamber of Commerce
Events, marinas, dining and lodging information.
Everyday life
Shopping, dining & amenities
Marinas, lakeside restaurants and lodging are spread around the shoreline. Groceries and services are in Graford, Graham, Mineral Wells and Breckenridge.
Due diligence
Utilities, internet & flood checks
- Electricity: parts of this area are open to retail electric choice (compare plans at PowerToChoose.org), while many rural and some city areas are served by an electric cooperative or municipal utility with no choice. The provider depends on the exact address.
- Water & sewer: inside city limits, service usually comes from the city or a water supply corporation. Outside city limits, homes often rely on a water supply corporation or a private well plus an on-site septic system (OSSF). Ask for well and septic inspections before closing.
- Internet: options range from fiber and cable in town to fixed wireless and satellite in the country. Check any address on the FCC National Broadband Map.
- Flood risk: look up the property on the FEMA Flood Map Service Center and ask your insurance agent about flood coverage, even outside a mapped flood zone.
The Brazos River Authority is the septic permitting authority for systems within 2,000 feet of Possum Kingdom Lake or its 1,000-foot contour, and there is no municipal wastewater service outside gated communities, so every home relies on a septic system (BRA: Buying and Selling at PK).
Map
Possum Kingdom Lake on the map
Use the layer button (top right of the map) to show TEA school district boundaries or FEMA flood hazard zones around Possum Kingdom Lake.
Map of Possum Kingdom Lake loads here…
School district and flood layers are for general reference only. Verify districts with the TEA School District Locator or the district, and flood zones with the FEMA Flood Map Service Center and a survey or elevation certificate. Map data © OpenStreetMap contributors.
Keep reading
More on Possum Kingdom Lake
Local FAQ
Possum Kingdom Lake questions
Is Possum Kingdom Lake a good place to live?
It depends on what you need. PK suits buyers looking for a weekend lake house, a full-time waterfront home or a short-term-rental investment, as well as retirees seeking scenery and quiet. Jamie is happy to tour Possum Kingdom Lake with you and talk through schools, commute, taxes and lifestyle.
How far is Possum Kingdom Lake from Fort Worth?
Possum Kingdom Lake is about 129 minutes (103 miles) by car to downtown Fort Worth without traffic, based on OSRM routing estimates.
What school districts serve Possum Kingdom Lake?
Graford ISD (A, 92 in 2026). Ratings are TEA 2026 A–F accountability ratings. District boundaries do not follow city limits, so always confirm the school district for a specific address.
What is the property tax rate in Possum Kingdom Lake?
Using 2025 adopted rates from the Texas Comptroller, the combined county, city and school-district rate is about $1.0438 per $100 of taxable value (Palo Pinto County$0.2822; Graford ISD$0.7616). Special districts such as hospital, college, emergency services or MUD/PID districts can add to this. Check the exact property with its appraisal district.
What county is Possum Kingdom Lake in?
Most of the lake is in Palo Pinto County, but parts of the upper shoreline reach into neighboring Stephens and Young counties. Appraisal district, tax rates and school district depend on the parcel, so confirm them for each property.
What is the typical home value in Possum Kingdom Lake?
Zillow's Home Value Index for Graford was $666,290 as of September 2026 (+2.5% year over year). For a specific home, ask Jamie for a comparative market analysis.
Do I need a permit to build a dock at Possum Kingdom Lake?
The Brazos River Authority manages the lake and regulates shoreline construction such as docks and boathouses. Check the BRA's current requirements before buying or building.
Which school district serves my PK property?
It depends on the parcel. Shoreline around Possum Kingdom falls in several districts, including Graford, Palo Pinto, Graham and Breckenridge ISDs. Confirm the district for a specific address with the appraisal district and the school district.
Is Possum Kingdom Lake a constant-level lake? Has it flooded?
PK's level rises and falls with rainfall, drought and releases through Morris Sheppard Dam. The Brazos River Authority publishes current and historic reservoir levels. Before buying, review those, check the FEMA map for the parcel, and ask how the dock and shoreline handled past high and low water.
How do dock permits work at PK, and do they transfer when I buy?
Docks sit over BRA-owned lakebed, so they need a BRA On-Water Facility permit. When a home sells, the permit must be transferred to the new owner; BRA charges a one-time $75 application and inspection fee and no annual dock fee at PK. BRA recommends inspecting docks, walkways, retaining walls and septic before closing (BRA: Buying and Selling at PK).
Is Possum Kingdom Lake clean and safe to swim in? What about golden alga?
PK is known for clear water, and swimming, diving and boating are popular. Water quality can change, and golden alga has affected Texas reservoirs. Check the Brazos River Authority water-quality and golden alga resources for current conditions.
Are there gated communities at PK, and what do POA dues cover?
Yes, there are gated and POA-managed communities around the lake. Dues, amenities, water and wastewater service, and rental rules differ by community. Jamie gets the POA documents and fee schedule for any property you consider.
What's the wildfire risk at PK, and how does it affect insurance?
The cedar and grassland around PK can burn, and the area saw major wildfires in 2011. Ask your insurance agent about availability and cost before you make an offer, and look at defensible space, road access and the home's roof and siding during inspections.
Can I rent out a PK lake home short-term?
Possibly. Rules depend on deed restrictions, POA rules and any county requirements, and they vary by community. Review them before you buy if rental income matters to you.
What internet service is available?
It varies by address, from fiber and cable in town to fixed wireless and satellite in rural areas. Enter the exact address on the FCC National Broadband Map and ask the seller what they use before you buy.
Sources
Where these facts come from
- Zillow Research, ZHVI by city (as of September 2026)
- Realtor.com Research ZIP inventory (September 2026)
- Realtor.com Research county inventory (September 2026)
- Texas Education Agency, 2026 Statewide Multi-Year Ratings and TXschools.gov
- Texas Comptroller, 2025 county, city and school district tax rates · Comptroller exemptions
- Appraisal district contacts (Comptroller county directory): Palo Pinto County
- Wikipedia: Possum Kingdom Lake (history; 2020 U.S. Census population)
- OSRM routing (drive-time estimates)
- Brazos River Authority
This content is general information, not legal or tax advice. Rules, rates and deadlines change. Confirm details with the appropriate agency, attorney, CPA or lender.
Explore nearby
Thinking about Possum Kingdom Lake?
Nearby: Graford · Mineral Wells · Graham · Breckenridge · All communities