Million-Dollar Home Sales on the Rise in Dallas-Fort Worth Area
They say everything’s bigger in Texas. Therefore, it’s not surprising that the Dallas Morning News recently reported sales of million-dollar homes are rising to new heights in the Dallas-Fort Worth market and in Texas in general.
Pre-owned home sales in North Texas increased by four percent in the past year. But sales of homes $1 million dollars and up increased by a whopping 23 percent. The average price per square foot of these luxury properties also increased by a modest 1.9 percent.
Even though the average homebuyer may not be able to afford a million-dollar home, this is still a very positive sign for the housing market as a whole. The luxury home category is often the first to show signs of a weakening market. The fact that home sales in this category are up so sharply is a sign that buyers are still interested in Texas properties.
Real estate forecasters suggest that the price of luxury home sales is tied to the affordability of the housing market at large. If the market for Texas homes begins to soften, it would have a normalizing effect on the tight housing market overall.