Luxe Living
Million-dollar home sales heat up Dallas-Fort Worth real estate market
Dallas-Fort Worth home sales reached a record high in 2015, thanks in no small part to million-dollar listings. According to a new report from the Texas Association of Realtors, DFW experienced an astounding 12.4 percent increase in sales of luxury homes — those priced at $1 million or more — in 2015.
From January through October, 1,088 of the 79,988 houses sold in DFW were luxury listings. The median price was $1,400,000, about $325 per square foot and three times higher than the average Dallas-Fort Worth home.
Although DFW's million-dollar sales skyrocketed, these homes were on the market for an average of 76 days, a little over a month longer than the average DFW home.
Texas' three other largest housing markets — Austin, Houston, and San Antonio — also saw a major uptick in luxury home sales, which can be attributed to the state's rising prices.
"Rising home prices across the state are also pushing more higher-end homes into the luxury market. Many homes priced in the $800,000 to $900,000 range a few years ago will now sell for more than a million," Jim Gaines, an economist with the Real Estate Center at Texas A&M University, explained in a statement.
Houston had the highest volume of luxury sales statewide (1,284 sold), a 4.5 percent increase from 2014. Austin experienced a 16.3 percent increase in sales, but luxury homes there tended to stay on the market two months more than average homes.
Luxury homes in San Antonio made up a tiny 0.5 percent of the city's sales, but the market saw a 36.4 percent increase in luxury home sales from the previous year.
Everyone who enters from the front door will be looking up.Photo courtesy of JPM Real Estate Photography
Natural elements break up all the white.Photo courtesy of JPM Real Estate Photography
