Housing for the well-heeled
Dallas' hot luxury housing market sizzles with sales of $10 million homes, report says
The ultra-rich were ultra-busy buying homes last year in Dallas.
A new report from residential real estate brokerage Compass shows 10 homes in the Dallas-Fort Worth area sold for at least $10 million in 2021. That’s up 66.7 percent from the previous year. Sales volume in that category rose to $115 million last year, up 69 percent from 2020.
The highest sale in the region was $11.9 million, according to the report.
The report is for all sales in the area and based on MLS data.
“There was a significant surge in luxury housing demand this past year, resulting in record-low inventory levels and rising prices — not just for homes, but for land, as well," says DFW real estate agent Becky Frey in the Compass report. "This year, we hope to see more baby boomers deciding to make a move. The young affluent buyers moving to Texas will also play a big role in the luxury game. Most are trading off-market, so being connected to an agent who knows your market is critical to your success in this space.”
The only other Texas market mentioned in the Compass report is Austin. There, 11 homes with prices of $10 million or more were sold in 2021, up a whopping 450 percent from the previous year. This marks the biggest increase among the 30 U.S. markets covered in the report.
Austin’s sales volume in the $10 million-plus category totaled $189 million last year, up an eye-popping 562 percent from 2020. Among markets with the biggest jumps in sales volume, Austin ranked second, behind only suburban Long Island, New York (854 percent). In 2021, Austin’s ultra-luxury sales volume reached $189 million.
Compass attributes the growth of Austin’s ultra-luxury home market to record-low interest rates, as well as greater wealth among people in the tech and cryptocurrency sectors.
Compass real estate agent Jonathan Rosen reports that the Texas market, overall, should remain strong this year.
“2021 remained consistent with 2020 as consumers continued to place great value in their homes," Rosen says. "Despite economic hiccups, the market in Texas should remain strong thanks to relatively low taxes and a business-friendly environment. We expect to see high appreciation in this area, with no decline in sight.”