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.