The Dallas-Fort Worth metro area led the state in sales of ultra-luxury homes with price tags of over $10 million in 2023 amid signals of a rebounding housing market.
Compass Luxury’s year-end 2023 report shows eight such properties sold last year for a combined $104 million, with the highest sale at $15.5 million. In 2022, just four ultra-luxury properties sold in Dallas, indicating increased demand for prestigious properties.
“The Dallas luxury market continues to be active for the most discerning buyers,” Dan Rhodes of the Rhodes Group said to Compass. “Centrally located and tax advantageous, Dallas is still one of the top real estate areas in the country seeing an influx of corporate relocations with executives and professionals looking for high-end properties.”
The report shows that buyers are primarily interested in new construction in the desirable neighborhoods of Preston Hollow and Park Cities. Existing home sales were also strong in 2023, but they are staying on the market longer than new builds, according to Compass realtor Christine Danuser, speaking with The Dallas Morning News. Danuser said 2024 is expected to be a solid year in ultra-luxury sales.
“It feels like what would be our traditional spring market has started a little early this year,” Danuser said. “I would anticipate that, especially in spring and hopefully for the rest of the year, there’s going to be a good level of activity.”
While the Compass report shows that Dallas edged out Houston with seven ultra-luxury sales and Austin with three, the true numbers may be even higher. DMN reported that many ultra-luxury homes were sold off-market and were not tabulated. Ultra-luxury buyers and sellers often prefer to remain private, and sales transactions are made without the property being listed.
Paper City Magazine detailed several of the high-end ultra-luxury homes that sold in 2023. The magazine pointed out that features buyers are most interested in include gourmet kitchens with top-tier appliances, up-to-date renovations, and multiple bathrooms.
Location is also just as vital. Most of the high-end properties that were sold in Dallas are just in a few select areas. According to the magazine, just one of the top listings it detailed was not in Preston Hollow or Park Cities. That property is located along the shores of White Rock Lake.
Ultra-luxury properties are not the only high-end options doing well in Dallas either. Luxury homes — those valued at over $1 million — also sold well in 2023. Redfin Real Estate shows that the average luxury home in Dallas was valued at a median price of $1.4 million. The region saw a 4.4% increase in luxury sales last year, with homes staying on the market for just 46 days on average.
Fort Worth faired even better, seeing an 11% jump in luxury home sales over 2023. The median price for a luxury home decreased slightly in 2023, which may have contributed to the increase in purchases over the previous year.
