2024 Strong Year (So Far) for Dallas Luxury Home Market
The Dallas luxury housing market is having a strong sales year so far based on May 2024 data from the Texas A&M University Texas Real Estate Research Center.
The Dallas luxury housing market is having a strong sales year so far based on May 2024 data. The sales volume of homes priced at or above $1 million is up 28 percent from this time last year. Year-to-date sales of all homes in the Dallas-Plano-Irving metro division are up 2.15 percent compared to last year. However, after taking out the million-dollar listings, the remaining home sales were flat at zero percent over the same period.
Sales of million-dollar homes have been elevated since the start of the pandemic when interest rates were at their lowest. Up until this year, sales were strongest in 2022 before retreating in 2023.
The North Dallas area (inside I-636) had the highest overall counts of luxury home sales and the highest aggregate sales prices with many homes selling in the multi-million-dollar range. Sales in this area picked up in 2021, but some neighborhoods had slower sales beginning in 2022.
The highest density of luxury homes sales can be found around Grapevine Lake, with density defined as sales per overall housing unit counts. The overall volume is less than the North Dallas area, but the market is growing and really took off in 2021 and 2022. In general, this market is characterized by homes sitting on larger lots and are relatively newer than the North Dallas market. Homes in this area sold in the $1 million to $2 million range.
Probably the biggest development in luxury homes is the growth of sales in the northern suburbs area. This market has gradually built up over the past ten years, particularly in the north Collin County area. Many of these homes were built around 2018 and were also sold in the $1 million to $2 million range. Sales in this area also appear on track to match 2023.
Source: Texas A&M University Texas Real Estate Research Center
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