Luxury home sales across Texas experienced a notable uptick last year, with the Dallas-Fort Worth-Arlington region leading the charge, according to recent data from Texas Realtors.
The study revealed a 10% increase in the number of homes priced at $1 million or more sold between November 2023 and October 2024 in Texas, compared to the previous year.
More High-End Homes Selling
The North Texas area alone recorded a robust performance in the luxury housing market over the past year. A total of 4,992 homes priced at $1 million or more were sold during the period, contributing to an impressive total sales volume of $8.5 billion ($8,480,194,709). This represents a 14% increase in the number of million-dollar home sales compared to the previous year.
Luxury home sales accounted for 19% of the total residential sales dollar volume in North Texas, highlighting the significant contribution of high-end properties to the region’s real estate market. The median year built for these homes was 2007, reflecting a blend of modernity and established properties in the luxury segment.
"Texas has traditionally had a high percentage of million-dollar homes sales," Compass Realtor Cathy Browne told Local Profile. "I think this can be attributed to many factors such as our strong Texas economy, favorable regulatory environment for builders and our cost of living here. It’s become a great place to buy a large luxury home with fabulous amenities. I am also seeing clients coming back to Dallas and buying, who have lived here previously."
Longer On The Market
Properties in this price range averaged 57 days on the market as of October 2024, up from 44 days the previous year, indicating a slight slowdown in transaction speed.
Between November 2023 and October 2024, the region saw 9,340 new luxury home listings, further expanding inventory. This growth suggests a more balanced market, providing buyers with increased opportunities to explore their options in the high-end housing sector.
Collin County Sells Luxury Homes
Several major developments are expected to reshape the city in 2025, with significant impacts expected both this year and in the years to follow. While the media age of the houses sold were from 2007, Collin County is continuing to build more luxury communities.
Here are some major ongoing projects bringing more luxury homes:
Fields:
This 2,500-acre master-planned development by Fehmi Karahan in Denton and Collin Counties will feature Class A office spaces, retail outlets, entertainment venues, restaurants, recreational areas, residential units and open spaces. The Preserve, for example, is expected to be one of the most exclusive residential areas in North Texas. Fields stands out with its distinctive features, such as the nearby headquarters of the PGA of America and its championship golf courses, luxury hotels, vast miles of parks and the addition of Universal Studios theme park, which surrounds Fields.
Fields West:
Fields West is a 55-acre mixed-use development located in Frisco, featuring a variety of amenities. It includes 350,000 square feet of retail, restaurant and entertainment space, 325,000 square feet of office space and 1,200 multifamily residential units. Additionally, the development plans for 375 hotel rooms. At its core is Fields Avenue, a main street designed to offer outdoor dining and storefront views, creating a vibrant and accessible environment for both residents and visitors.
Texas As A Whole
In Texas, a total of 12,888 luxury properties were sold during 2024 generating $21.4 billion in sales. This activity ranks as the second-highest on record, following the period from November 2021 to October 2022, which saw 13,998 sales totaling $22.6 billion.
Million-dollar homes accounted for 4% of all sales statewide, up from 3.6% the previous year. These properties also contributed 15.7% of the total residential sales volume in Texas, an increase from 14.3% in the prior year.
The average price per square foot for homes in this luxury segment rose from $409 last year to $418 this year, more than double the $190 average price per square foot for all Texas homes. This reflects the enduring strength and value of high-end properties in the Texas housing market.
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