House For Sale

Dallas sold more $10-million-plus homes than any other city, report says

Thi home at 4412 Lorraine Ave. in Highland Park is going for $11,295,000.

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Luxury home sales in Dallas-Fort Worth have grown by a monumental 200 percent for the first half of 2023, according to the new mid-year report by Compass Luxury. This staggering growth indicates a new trend for the city's impressive and explosive real estate market despite recent economic troubles and limited housing inventory.

Dallas-Fort Worth ranked at the top with Houston on Compass' list of ultra-luxury real estate markets — meaning homes selling for $10 million or more — during the first six months of the year. There were 13 total markets that had more transactions surpassing the $10 million mark in this time period than this same time last year.

For some perspective, Compass' data says there were three homes in the Metroplex that together sold for a total of $43.79 million during Q1 and Q2 of this year. That's compared to just one sale in 2022 at $10.95 million.

Dallas-Fort Worth claimed the No. 1 spot in the report, well above rich enclaves such as Martha's Vineyard and Jackson Hole, Wyoming, and edging out Houston, whose sales volume amounted to a mere $31.5 million for the same number of sales in Q1 and Q2.

Compass real estate agents Michelle Wood and Amy Detwiler said in the report that high-earning buyers have been seeking homes in DFW since the peak of the COVID-19 pandemic thanks to the cities' low taxes, a thriving economy, and the value of homes in the region.

"Preferences of the ultra-luxury buyer have evolved to prioritize quality and oversized lots over competitive prices on a price per-square-foot basis," they said. "The shortage of oversized lots in the Park Cities has led to a lack of inventory at ultra-luxury price points."

Jonathan Rosen, principal agent at The Rosen Group, echoed Wood and Detwiler's statements regarding what the ultra-luxurious crowd is searching for in a Dallas-Fort Worth home.

"In 2023, we’re continuing to see great demand for new construction ultra-luxury homes in Park Cities," Rosen said. "Inventory levels are incredibly tight due to the limited amount of ultra-luxury listings available in Park Cities and Preston Hollow. Ultra-luxury buyers in Dallas-Fort Worth increasingly expect high-end finishes and lots sized to at least an acre."

The top 10 real estate markets with transactions over $10 million for the first half of 2023 are:

No. 1 – Dallas-Fort Worth (200 percent)
No. 2 – Houston (200 percent)
No. 3 – Boulder, Colorado (100 percent)
No. 4 – Jackson Hole, Wyoming (60 percent)
No. 5 – Greater Seattle (55.5 percent)
No. 6 – Martha's Vineyard, Massachusetts (50 percent)
No. 7 – Westchester County, New York (50 percent)
No. 8 – Greater Boston (42.8 percent)
No. 9 – City of Boston (40 percent)
No. 10 – Wine Country, California (25 percent)

The full mid-year ultra-luxury real estate report can be found on Compass Luxury's website.

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in demand

Dallas ranks among top 10 U.S. metros for surge in millionaire renters

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The number of millionaire renters and homeowners in the U.S. has surged over the last five years, and Dallas has cracked the top 10 metros with the largest growth rates among these affluent renter households.

Nationwide, the number of millionaire renter households grew 229 percent from 2020 to 2024, far outpacing the 193 percent growth rate among millionaire homeowners, a new RentCafe study found.

In Dallas, the number of millionaire renter households has more than quintupled, from just 30 in 2020 to 165 in 2024. That represents a renter growth rate of 450 percent, which - surprisingly - is only the 8th highest nationwide.

Houston leads the nation with the No. 1 increase in millionaire renters. The number of these wealthy households increased from 18 to 232 over the last five years, representing an impressive 1,189 percent growth rate.

The top 10 U.S. metros with the biggest surge in millionaire renters are:

No. 1 – Houston
No. 2 – Naples, Florida
No. 3 – Miami
No. 4 – Seattle
No. 5 – Los Angeles
No. 6 – Denver
No. 7 – St. Louis, Missouri
No. 8 – Dallas
No. 9 – Boston
No. 10 – Phoenix

But when it comes to the largest populations of millionaire renters, New York City and San Francisco still lead the way. New York claimed the No. 1 spot with nearly 7,300 millionaire renters living in the city in 2024. Dallas ranked 17th on that list.

Elsewhere in Texas, Houston and Austin ranked as the 12th and 16th, respectively, for the largest population of millionaire renters. There were 232 millionaire renters living in Houston in 2024, and 206 in Austin.

This is who the typical millionaire renter is
The report also revealed a surprising statistic about the typical millionaire renter in the U.S. — a lot of them are millennials working in "white-collar, high-earning fields."

"Nearly half (49 percent) of millionaire renters are Millennials, and the number of affluent Millennial renter households surged 392 percent during the five-year period," the report said. "Gen X follows with 33 percent of millionaire Gen X households renting after increasing by 147 percent."

The report continued, "Although Gen Z still represents a small share of millionaire renters (just 2 percent of the total), no generation has expanded faster: Gen Z millionaire renter households leaped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago."

The top three most common professions for millionaire renters are chief executives, software developers, and managers, the report additionally found.

"These roles tend to generate steady, substantial income without necessarily tying workers to one location, making renting a practical fit, rather than a financial necessity," the report said.

Hotspots for millionaire homeowners
In RentCafe's separate list comparing the top 10 most popular U.S. metros for millionaire homeowners, Dallas ranked 10th nationally with 4,731 millioniare homeowners living in the metro as of 2024. These wealthy Dallas residents are most likely working as chief executives, physicians, managers, and lawyers and judges.

Dallas has already proven to be a hotspot for millennial homebuyers, and the latest RentCafe data says millennials make up 19 percent of all millionaire homeowners in the U.S. Gen Xers and Baby Boomers still maintain the largest shares of millionaire homeowners nationwide, at 45 and 33 percent, respectively.

Houston (No. 12) and Austin (No. 20) appeared further down the list among the hottest metros for millionaire homeowners.

Only one Texas city appeared among RentCafe's list of the 20 fastest-growing metros for millionaire homeowners: College Station ranked 13th nationwide with a growth rate of 1,329 percent. From 2020-2024, the number of millionaire homeowners residing in College Station grew from 14 to 200.

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