Categories: Texas Business NewsTexas NewsTexas Real Estate

Dallas-Fort Worth Leads in Texas Luxury Home Sales

Luxury Home in Dallas-Fort Worth

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News Summary

The Dallas-Fort Worth-Arlington metro area has surpassed all others in Texas luxury home sales, generating approximately $8.5 billion from million-dollar properties over the past year. A 10% increase in transactions indicates strong demand, with nearly 5,000 luxury homes sold in the area. Texas as a whole saw impressive sales figures, marking a growing trend in luxury living. Home prices per square foot have risen, emphasizing the market’s vitality and the continued appeal of high-end properties in the Lone Star State.

Dallas-Fort Worth Dominates Texas Luxury Home Sales!

Well, it’s official! The Dallas-Fort Worth-Arlington metro area is leading the charge in Texas when it comes to luxury home sales. Over the past year, from late 2023 to late 2024, this vibrant area racked up an impressive approximately $8.5 billion in sales for homes priced at a cool million dollars or more. That’s right, we’re talking about some serious real estate action happening here!

A Growing Trend in Luxury Living

The trend in luxury home sales is picking up steam across the Lone Star State. In fact, there was a notable 10% increase in the number of luxury home transactions from November 2023 to October 2024 compared to the previous year. That fills our hearts with joy, doesn’t it? This data comes from a study examining million-dollar home sales across Texas, showing just how hot this segment of the market has become.

Across Texas, over 12,000 homes sold for $1 million or more during the studied 12-month period. If you’re wondering how long these magnificent properties spend on the market, on average, it’s around 68 days. That gives prospective buyers a little time to ponder their options before making a decision!

Metro Areas Making Waves

You might be surprised to learn that a whopping 90% of million-dollar homes sold in Texas come from just four metropolitan areas: Austin, Dallas, Houston, and San Antonio. Let’s break it down! The mighty Dallas-Fort Worth-Arlington area was responsible for a staggering 4,992 million-dollar home sales, which translates to a solid 38.7% of the state total. This is a notable jump from the previous year when DFW accounted for 37.3% of million-dollar home sales in Texas.

Houston comes next, capturing 26.2% of luxury home sales, while Austin grabs up 19.1%, and our dear San Antonio-New Braunfels accounts for 5.1%. How exciting it is to see such dynamic market activity in these cities!

New Listings and Inventory Insights

Why all the action, you ask? Well, in the DFW area alone, there were 9,340 new luxury home listings during the study period. As of October 2024, the inventory remained steady at about six months, slightly up from 5.8 months the previous year. With million-dollar homes making up 19% of all residential sales in the DFW Metroplex, it’s clear that luxury living is in high demand!

Interestingly, the average number of days these homes spent on the market has increased to 57 days in October 2024, up from a brisk 44 days the year before. This could hint at a tightening inventory or perhaps a shift in buyer behavior.

Price Trends on the Rise

When it comes to pricing, the luxury home segment is also seeing an upward trajectory. The average price per square foot for these magnificent properties rose from $409 to $418. Given the high demand, it’s no wonder that million-dollar homes now account for 4% of all sales statewide, compared to 3.6% in the previous year.

Texas really knows how to turn up the heat! Over the past year, luxury home sales across the state totaled 12,888 properties sold, generating an all-time high of $21.4 billion in sales—marking the second-highest total on record.

So what kind of homes are we looking at? The average age of the luxury homes sold in the last year is around 17 years, with a median year built in 2007.

As we move forward, it’s clear that the luxury real estate market in Texas, especially in the Dallas-Fort Worth area, is a force to be reckoned with. Buyers are eager, sellers are stepping up, and the future looks bright for Dallas luxury home sales!