Skip Navigation
Jul 3, 2024

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.

Big neighborhood houses in Dallas TX
By
Joshua Roberson

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. 

In This Post

You might also like

Texas Housing Insight
Single-family, Texas Economy
4 minute read
Jun 18 2024

Texas Housing Insight

Seasonally adjusted housing sales bounced back in April following March’s decline. New listings grew for the fourth month in a row resulting in the total active listings count growing to its highest level since July 2012.

Read Article
< 1 minute read
Sep 14 2023

Housing Activity

Data Series Description Housing statistics on this page are based on listing data from over 50 MLS (Multiple Listing Service) systems in Texas. They represent the highest level aggregate of...
Read Article
< 1 minute read
Oct 20 2023

Housing Reports By MSA

Housing Reports Data Series Description Housing statistics in these reports are based on listing data from over 50 MLS (Multiple Listing Service) systems in Texas. The dataset includes listings for...
Read Article
TG Magazine
PUBLISHED SINCE 1977

TG Magazine

Check out the latest issue of our flagship publication.

SUBSCRIBE TO OUR

Publications

Receive our economic and housing reports and newsletters for free.