Zehlendorf is a wealthy district overall, but some areas are much posher than others. The most exclusive enclaves are found in Dahlem, Nikolassee and Wannsee. The premier properties are those with lake views, including a cluster of estates around Schlachtensee. Many of these mansions and estates date from the late 19th century and many are now protected historical landmarks. Some large houses, especially near the centre of Zehlendorf, are divided into flats, but most accommodation is owner-occupied single-family homes, including plenty of houses more modest in size and style than the high-profile lakeside villas.

The average rent in Dahlem is €9.29 per square metre, which is very high for Berlin. Houses for purchase in Dahlem cost an average €3,400 per square metre. The average rent in Zehlendorf is €7.28 per square metre, and homes for sale cost an average €2,650 per square metre.