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 San Antonio-New Braunfels, bless their hearts, 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!
Deeper Dive: News & Info About This Topic
- WFAA: Million-Dollar Home Sales Surge in DFW
- Local Profile: Luxury Home Sales Continued to Rise
- Dallas News: New Luxury Home Community Planned
- The Real Deal: Dallas is the Texas Capital of Ultra-Luxury Real Estate
- GlobeNewswire: Toll Brothers Opens New Phase in Fort Worth
Author: STAFF HERE AUSTIN WRITER
The AUSTIN STAFF WRITER represents the experienced team at HEREAustinTX.com, your go-to source for actionable local news and information in Austin, Travis County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as SXSW, Austin City Limits Music Festival, Formula 1 United States Grand Prix, and the Austin Film Festival. Our coverage extends to key organizations like the Greater Austin Chamber of Commerce and Visit Austin, plus leading businesses in technology, automotive, and retail that power the local economy such as Dell Technologies, Tesla, and Apple. As part of the broader HERE network, including HERECollegeStation.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
