MOVE OVER, MCMANSION
Dallas-Fort Worth booms as Texas' biggest market for $10 million homes sold in 2022
As a market for homes for the ultra-rich, Dallas-Fort Worth is strong and growing, according to a new report.
The $10M+ National Luxury Report for 2022 from real estate brokerage Compass cites 11 local sales of over $10 million homes in 2022; the previous year, there had been 10 such big sales.
The report is for all sales in the area and based on MLS data.
Affluent areas in Dallas-Fort Worth have landed in several wealth reports lately, from the richest cities in Texas to the wealthiest cities in America.
In the Compass report, DFW holds the top spot in Texas for the $10 million-plus category of home sales, with $145.79 million in sales volume. Austin posted five sales worth a total of $55.95 million, and in Houston, just one home in this category sold last year.
So, how much did those uber-expensive homes go for? In Dallas-Fort Worth, the top listing-represented Compass Regional Sale was $20 million and the highest buyer-represented sale was $14.65 million. The average price of a sale in this category was $13.25 million in Dallas-Fort Worth and $11.19 million in Austin.
For a nationwide comparison, the top selling price was $56 million in Manhattan, $44.5 million in Greater Los Angeles, and $48.5 million in Palm Beach County, Florida.
Dallas-Fort Worth, Houston and Austin were the only areas included from Texas, and DFW easily bests its neighbors down south.
Two current high-profile listings over $10 million include a$20 million estate in Southlake that has gone viral on social media; and a magnificent White Rock Lake mansion next to Dallas' famed "Mount Vernon," on the market for nearly $12 million.
"Despite the weakening global economy, we expect the [Dallas-Fort Worth] luxury market to remain strong in 2023," says a representative of Compass brokers Amy Detwiler & Michelle Wood. "Overall activity will likely normalize after the brisk volume seen during the previous two years, but limited inventory will keep the market in balance."
Is a strong luxury market a good thing for buyers or sellers? Inquiring minds can always consult with the 1 percent for the answer, but it's definitely good news for real estate brokers.