DALLAS — Read this story and more North Texas business news from the Dallas Business Journal
The number of single-family homes priced at $2 million and up that sold across Dallas-Fort Worth is up sharply.
Twenty-three DFW homes sold in July, up 53.3% from the 15 that sold in July 2022, according to a study by real estate tech company AgentStory.
The price per square foot for homes listed at or above $2 million has risen 9.4% in the past year to $522 per share foot from $477 in July 2022.
The first half of 2023 has seen a consistent number of high-end homes being sold. In the second quarter alone, 160 homes priced at or above $2 million sold, reflecting a healthy appetite for luxury properties in the Dallas market, according to AgentStory. Some 80 homes sold above $2 million in the first quarter in DFW.
Homes in this price bracket are selling faster in 2023. The average days on market decreased to 38 days in the second quarter 2023 from 47.8 days in fourth quarter 2022, indicating that luxury homes are finding buyers more rapidly.
While the average sale price has seen some fluctuations over the quarters, it has remained relatively stable around the $3 million mark in 2023, suggesting a balanced market where neither buyers nor sellers have a significant upper hand.
The total sales volume for homes in this category reached close to $500 million in Q2 2023. This robust figure underscores the significant economic impact of the luxury housing segment in the Dallas real estate market.
The average price per square foot in Q2 2023 was approximately $523.67, up from $482 in Q1 2023. This suggests that buyers are willing to pay a bit more for premium properties, according to AgentStory.
Another recent study of homes priced $1 million and up found that Austin and Dallas lead the way in Texas with the highest shares of luxury homes for sale, while Houston, Fort Worth and San Antonio have a lower percentage at the $1 million and up price point .
That's according to a recent analysis by real estate platform Point2.
As median home prices soar beyond $1 million in certain parts of the country, defining luxury in residential real estate becomes a relative concept, varying greatly across different-sized housing markets.
In recent weeks, the Dallas Business Journal has featured photo galleries of luxury homes on the market in Highland Park and a $5 million Rockwall estate.
New home prices in DFW, meanwhile, are hovering at or near all-time highs, and sales of new homes are robust.
