With more high-paying jobs finding their way to DFW, it’s not terribly surprising to see the luxury home market pick up a bit. But over the last 12 months ending in November, million-dollar home sales throughout North Texas have simply skyrocketed, according to the 2017 Texas Luxury Home Sales Report that was just released by the Texas Association of Realtors.
Preowned home sales overall in DFW have seen a nice 4% bump compared to this time last year, which already set a record of more than 100,000 preowned purchases. But over that same timeframe, million-dollar home sales specifically have spiked a whopping 23%, totalling 1,669 sales from the end of November 2016 to the end of November 2017.
Because the job market and overall economic gains are slowing somewhat, many industry experts are attributing rising home prices, lots of upscale remodeling, and of course relocation from previously out-of-state home buyers as the primary driving forces behind the luxury boom, which still shows no signs of letting up.
Statewide, Texas real estate agents and brokers have sold 4,622 homes priced at $1 million and over between October 2016 and November 2017, with the average price per square foot for these properties settling at $349.