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.