While Dallas and Houston might draw much of the attention in Texas when it comes to luxury homes, Fort Worth is now stealing the spotlight.
A new report from Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury program lists Fort Worth as one of the five top luxury markets to watch in 2020. The others are Boise, Idaho; Charlotte, North Carolina; Cincinnati; and Colorado Springs, Colorado.
“Today, the city that’s in Dallas’ shadow is establishing itself as a luxury outpost,” the report says.
Part of the rise of Fort Worth as a luxury home market stems from its desirability as a place to live and work.
“Fort Worth’s laid-back atmosphere, convenience to DFW International Airport, and business-friendly environment make it attractive for companies,” Lori Arnold, owner of Coldwell Banker Apex Realtors, says in the report.
In the 10 percent luxury category, the median list price in 2019 for a single-family home in the Fort Worth area was $743,100 and the median sale price was $643,100. Meanwhile, the highest list price was $12 million and the highest sale price was $6.5 million. In all, 2,890 luxury homes were sold last year in the Fort Worth market.
As for luxury condos in the 10 percent category, the median list price in 2019 was $508,500, while the median sale price was $463,454. In all, 125 of these condos were sold last year. The highest list price, meanwhile, was $3,235,500, and the highest sale price was $1,780,000.
“It’s amazing what you can get for $500,000, like a four-bedroom house with 4,500 square feet and a three-car garage on a sizable lot,” Arnold says. “There’s an influx of buyers from California and New York, and [the] cost of living is much lower here. Clients say, ‘My gosh, we paid that for our starter home!’”
Elsewhere in Texas, the same report ranked Austin among the country’s four top-performing luxury home markets in 2019. The others are Arlington, Virginia; Malibu, California; and San Diego.
Coldwell Banker says it found Austin and the three other top performers “had an evenly distributed hold on the top 10 percent of luxury sales in 2019. Their sales prices in relation to other luxury markets made them the top performers of the industry this past year.” In the Austin market, the annual pace of sales for homes above $2 million has climbed 45 percent since 2015, according to the report.
The report indicates that the local heavy demand for single-family luxury homes and luxury condos has been driven by highly paid employees of tech companies like Amazon, Apple, Dell, and Facebook.