real estate worth millions

Dallas sold the highest number of million-dollar homes in Texas in '24

3315 Gibsondell, Dallas Oak Cliff home for sale

There's no shortage of luxury homes in Dallas.

Photo courtesy of Realtor.com

A new report on the 2024 real estate scene reveals some astonishing high-dollar sales in the Texas market. According to the Texas Realtors' report on Sales of Million Dollar Homes in Texas, the number of homes that sold in the state for $1 million or more increased 10 percent from last year to reach its second-highest peak ever recorded.

According to the findings, which calculated sales data from November 2023 to October 2024, a total 12,888 homes sold for at least $1 million during this time, representing nearly 16 percent of all Texas residential home sales and accounting for $21.4 billion in economic activity.

That's the greatest increase since the period from November 2021 to October 2022, which holds the current statewide record of $22.6 billion.

May 2024 was the busiest month for Texas' luxury home sales. Nearly 1,580 homes were sold that month for $1 million or more. Meanwhile, January was the slowest month with only 610 million-dollar homes sold.

"The high end of the Texas real estate market continues to evolve," said Christy Gessler, Chairman of Texas Realtors, in a press release. "As prices rise, more homes cross the million-dollar threshold. Some are highly valued for their size or amenities, but with many, the key factor is location."

Luxury real estate performance in Dallas
The report further revealed that DFW ruled: The highest share (38.7 percent) of Texas luxury homes were located in the Dallas-Fort Worth-Arlington metropolitan statistical area (MSA), amounting to nearly $8.5 billion.

A total 4,992 luxury homes were sold throughout DFW from November 2023 to October 2024 — 14 percent more than the previous year. These million-dollar real estate purchases accounted for 19 percent of all residential sales dollar volume in the Metroplex.

The median size of a million-dollar home that sold in Dallas last October came out to 4,212 square feet — nearly twice as big as the median size of all residential homes sold for the month, a mere 2,089 square feet.

In a similar vein, the average price-per-square-foot for a luxury home sold in Dallas in October came out to $394, whereas the price-per-square-foot for all residential homes sold in the area was only $212.

Dallas' share of high-end homes can be located in various affluent areas, from a modern Grapevine ranch, to a '50's era Dallas home, or even a historic Oak Cliff estate.

Previously, Dallas ranked as the No. 12 U.S. city with the most million-dollar homes on the market.

Luxury real estate in other Texas metros
Houston-The Woodlands-Sugar Land came in second to Dallas-Fort Worth and contributed 26.2 percent of all million-dollar home sales in Texas. Austin-Round Rock had the third-highest share (19.1 percent) of statewide luxury real estate sales.

In Houston, 3.371 luxury homes were sold from October 2023 to November 2024, raking in $5.7 billion in total sales dollar volume. Meanwhile, 2,461 luxury homes were sold in the Austin area to bring in $4.1 billion, the report said.

Here's how the average price-per-square foot and median home size compared across these two Texas metros in October 2024:

$389 – average price per square foot for a million-dollar home in Houston
$510 – average price per square foot for a million-dollar home in Austin
4,406 square feet – median size of a luxury home in Houston
3,440 square feet – median size of a luxury home in Austin

Additionally, 5.1 percent of all million-dollar homes sold statewide were located in San Antonio-New Braunfels. That means 656 luxury homes were sold in this metro, which brought in $957 million. In a one-month analysis for October 2024, the median size of a million-dollar home sold in the Alamo City came out to 4,118 square feet, which sold for an average price of $357 per square foot.

Elsewhere in Texas, just under 11 percent of the state's luxury home sales were located outside the four biggest metros, or 1,408 homes.

luxury housing real estae austin dallas fort worth houston san antonio

Hottest Headlines of 2025

Popular suburbs move into Dallas' hottest real estate headlines of 2025

Photo courtesy of City of McKinney

undefined

Editor's note: As the year comes to a close, we look back at the 10 most-read real estate stories in Dallas for 2025 — including new honors for several local suburbs, market trends, and all-important Walmart news. These are the 10 hottest real estate headlines of 2025 in Dallas:

1. Dallas-Fort Worth suburb blooms as No. 1 best place to live in U.S. One Dallas-area city took the top slot on a list of "the 100 Best Places to Live in 2025." The list — from relocation marketing platform Livability.com — put Flower Mound at No. 1 for its appealing size and affordability. The suburb also claimed the No. 7 spot in a ranking of America's most livable small cities.

2. North Dallas neighbor ranks as No. 1 most affordable city in U.S. A Dallas suburb landed on top of a list of the most affordable places to live: McKinney ranked No. 1 based on its relative cost of living and high median household income.

3. Massive mixed-use development coming to key intersection in McKinney. McKinney is getting a new $1.3 billion mixed-use development. Called Long Branch, it will be a 155-acre project at the northwest corner of US-75 and the future 380 bypass, consisting of housing, retail, office, grocery, and hospitality. The development has 80 acres slated for active development, and will unfold over the next decade in four tracts.

4. Dallas-area suburb ranks as 3rd best place to live in Texas in 2025. The Dallas-Fort Worth mid-city of Coppell has been ranked the third best place to live in Texas in 2025 by rankings and review website Niche.com. The survey determined the best places to live in based on crime rates, public school rankings, the local cost of living, job opportunities, and more using data from the U.S. Census Bureau, the FBI, and others.

Coppell, Dallas suburb Coppell was ranked the third-best place to live in Texas for 2025. City of Coppell, TX Municipal Government/Facebook

5. 11 Dallas suburbs soar as fastest-growing U.S. cities in last decade. It's no secret that Dallas-Fort Worth's population is growing faster than most other metros in the U.S., but now several surprising Dallas neighbors have been named among the top 10 fastest-growing suburb nationwide over the last decade. Celina nearly led the nation with an astonishing 314 percent increase in population from 2014 to 2023, according to a growth study by marketplace platform StorageCafe.

6. Dallas neighbor is the No. 1 fastest-growing affordable city in U.S. A national study has declared Texas is home to the most affordable, fast-growing cities in the country, with Dallas suburb Frisco taking the lead at No. 1. Frisco and five more Dallas neighbors ranked high on GoBankingRates.com's list of "50 Most Affordable, Fastest-Growing Cities in 2025."

$Millennials moved to Texas more than any other state in 2019, with Frisco being\na top choice.$ Frisco is the most-affordable, fastest-growing city in the country. Photo by Roger Robinson/Visit Frisco

7. Dallas neighbor beckons movers as top U.S. suburb with small-town feel. Wylie, a city less than 30 miles from downtown Dallas, ranked as the No. 7 most highly sought-after U.S. suburb of 2025 in MoveBuddha's national survey. In addition to being recognized as the 7th most desirable American suburb, Wylie also ranked as the second-most desirable suburb to move to in Texas.

8. 2 Dallas neighbors rank among fastest-growing wealthy suburbs in U.S. Celina and Prosper, two boomtowns north of Dallas, are among the top three fastest growing affluent suburbs in the country. The cities' affluent status was unveiled in a GoBankingRates' study ranking the "30 Fastest-Growing Wealthy Suburbs in America" for 2025.

The Old Celina Park in Celina, Texas Celina is the No. 2 fastest-growing wealthy 'burb in America. Photo courtesy of celina-tx.gov

9. 6 Dallas suburbs make top 10 list of best Texas cities to move to. Advisors at ConsumerAffairs, a customer review and news platform, ranked the 50 most populated Texas cities across five main categories — affordability, safety, economy, health care and education, and quality of life — to determine which were the best places to move to. Each city was given a score out of 100 possible points. Four of the top five best places to move to in Texas are located in Dallas-Fort Worth: Allen (No .1), Frisco (No. 2), Plano (No. 3), and McKinney (No. 4). Two more DFW suburbs, Mansfield (No. 6) and Richardson (No. 10), rounded out the top 10.

10. Booming Celina hits the big time with its first Walmart Supercenter. The city of Celina is getting its first mega Walmart: According to a release, it will be a Walmart Supercenter located at the northwest corner of Preston Road (Highway 289) and the West Outer Loop. The store has been in the works for a few years, but the Celina Economic Development Corporation celebrated the opening in a groundbreaking on April 16.