If anyone thinks the Dallas luxury market is slowing down, think again. I started scrolling through contingent and pending offers on multi-million dollar homes on Friday and thought, WOW, we are really killing it here.
At the beginning of the year, I wrote about the North Texas luxury market outlook. Our local experts predicted a bullish real estate market, so we should not be surprised. We are well past the buyer frenzy of the pandemic when houses would get an off-market offer the moment someone whispered to an agent they were thinking of selling. That’s a good thing because we now have a healthy and steady Dallas luxury market of serious buyers and more realistic sellers, most of whom are finally listening when their Realtors tell them what pricing will move their homes quickly.
The Texas Real Estate Research Center at Texas A&M University tracks everything you need to know about the industry. Pay particular attention to the number on the chart that shows the total sales dollar volume of homes that sold for $1 million or more. It’s 7.6 BILLION. And that was a year ago. I cannot wait to see what the numbers are this year.
Here’s a little slice of what’s been happening in our luxury market the past few days. Yes, days.
Holly Davis, 3600 Dartmouth Dr.
$5.395 million
Allie Beth Allman’s Holly Davis listed this Santa Barbara Mediterranean just before the Independence Day holiday weekend but didn’t start showing until July 4th. On the 5th, she had numerous showings with one resulting in an offer that was accepted.
“The buyers are out there,” Davis said. “In Highland Park, people are not reluctant to spend in the $5 to $6 million price range. You still need a move-in-ready product. People must walk in and see themselves there. An empty house will not help them visualize.”
Terri Patrick Cox, 3325 Beverly Dr.
$4.995 million
Anyone that has lived in Dallas for a minute knows Beverly Drive, in the heart of Highland Park, is one of the best streets in the city. You are sitting on a gold mine if you can find an authentic historic Tudor that offers the best of original architecture with all of the necessary interior updates.
Allie Beth Allman’s Terri Patrick Cox listed this 1929 Tudor home on the Fourth of July holiday weekend, a time when most of us would assume there would be nobody in town.
“We had offers immediately,” Cox said. “The first person that saw it, the day it was put on the market, bought it. Everyone that saw it made an offer. It was under contract before the seller returned from their holiday weekend travels. Dallas luxury buyers are out there! “
Brian Manes, 10510 Les Jardins Dr.
$2.895 million
If there is a hot new price point, it’s in the middle to upper $2 million range.
“As soon as a home hits MLS in that price range, a tremendous amount of buyers will fly in if it checks the majority of their boxes,” Brian Manes said. Manes is a Dave Perry-Miller Real Estate agent and the principal of Prospect Homes. He recently sold this modern traditional at 10510 Les Jardins Drive, right out of the gate. As a home builder, he knows what boxes need ticking in new construction.
“The location is always important and the size,” Manes said. “Floor plans are important. Four bedrooms with two bedrooms on the first floor, a home office, and a gym are essential today. Between 5 to 6,000 square feet with a good size yard and a pool are both important elements today.”
Lauren Farris, 7014 Mason Dells Dr.
$2.95 million
“We went under contract on day three with a frenzy of activity,” Compass listing agent Lauren Farris said. “Our open house had about 40 people in attendance. As for why it went under contract so quickly, I can affirmatively say it was due to the quality of construction, designer finishes including all the current bells and whistles, and of course, limited inventory. This is still a very competitive market. When a good, luxury home becomes available, it definitely goes quickly!”
Prospect Homes built this modern Mediterranean, and as mentioned, Manes knows what sells. In addition to the correct layout inside, he ensures entertainment capability.
“With the kind of summer we are having, pools are a hot commodity,” Farris said. “This home also has an outdoor shower and living center complete with remote-controlled drop-down screens with AC capability. I don’t know one human in 105-degree Dallas right now that wouldn’t kill for that!”
The buyer frenzy may be over, but multiple offers are instantly being made on move-in-ready homes that are priced accurately. The must-have list has changed and now includes more yard space and a pickleball court, but privacy and location will always rule the day.
Clearly, our Dallas luxury market is thriving and shows no signs of slowing.
