Luxury listings trending up in DFW
$1M-plus homes hitting the market this spring, and competition is fierce
High-end homes are hitting the market across the DFW metroplex this spring, and real estate pros say the region’s 2023 luxury market is as strong as ever.
Dallas-Fort Worth set the pace for Texas luxury home sales in 2022 with 4,689 homes sold for over $1 million, representing $7.6 billion in sales, according to the Texas Realtors and the Texas Real Estate Research Center. DFW active home listings are up about 65 percent so far this year, compared to 2022, according to Redfin data.
In the high-end market, meaning homes asking $1 million or more, listings nearly doubled in January and February of this year compared to the same time frame in 2022. There were 972 homes listed at $1 million or more among Dallas, Tarrant and Collin counties in the first two months of last year. For the start of this year, the figure has risen to 1,814, according to data provided by the Collin County Association of Realtors.
With inventory up and mortgage rates high, conventional thinking says demand is likely low. But the DFW housing market continues to buck trends, local realtor Damon Williamson said. Williamson is opening a new Dallas-area branch for the Agency, focusing on luxury homes. Buyer competition has picked up fiercely in recent months after a slow end to 2022, he said.
“The market is popping because a lot of people either quit their search back in 2021 and 2022 or rented or just stayed where they were, because the market was so wild,” he said. “And then they see a slowdown in the market because rates increase, and now there’s a bunch of people back in.”
A $1.4 million home he listed earlier this month in the Dallas area had 15 offers, mostly cash, almost instantly after hitting the market, Williamson said. He lost a deal recently where he represented an aggressive cash buyer who offered $175,000 over asking on a $1 million home and was outbid by another cash buyer who offered more money, a six day closing period and no inspection.
“I was like, what the hell is this?” he said. “It’s crazy, I’m not going to say that’s how the market is everywhere, but the market that is these high-end houses are 100 percent over list price, cash, appraisal waivers, all that stuff again.”
Relocations from New York and California are still driving sales, Williamson said. Families often look to Frisco and Southlake due to nice homes and good schools, but Dallas neighborhoods like Park Cities, Highland Park, University Park, Preston Hollow and Lakewood remain kings in the luxury market, he said.
“Dallas has such tremendous growth that it’s not following the national trends. We still have migration coming. It will keep our market strong,” Alex Perry of Allie Beth Allman and Associates told Candysdirt.com in January. “I am very bullish for 2023 Dallas. 2022 was incredible, but 2023 will also be incredible. Buyers will be patient and wait for the right property.”
Here is a look at some of the most-expensive listings that recently hit the market in Dallas:
$8.3 million | 4700 Dorset Road
Scott Everett, founder and CEO of S2 Capital, is selling this 13,000-square-foot manse on Strait Lane for $8.3 million. Ryan Streiff of Dave Perry Miller Real Estate has the listing. It sits on 1.2 acres with five beds and eight bathrooms, plus it has a 2,300 square foot pool house with a spa, yoga studio and a gym.
$8.9 million | 4255 Cochran Chapel Road
This French style estate in the Preston Hollow area was listed in mid-March. Ernie Sadau, CEO of Christus Health, is selling the mansion. Alex Perry with Allie Beth Allman & Associates has the listing. The 11,000-square-foot mansion has six bedrooms, eight bathrooms, a pool, outdoor courtyards and a tennis court.
$9.3 million | 10333 Woodford Drive
This sprawling six-bedroom, 10-bathroom custom-built mansion is located in Preston Hollow. Dentist Chad Park is the seller, and Steven Beard of Dave Perry Miller Real Estate has the listing. The home has a pool, putting green, tennis court, elevator and sauna.
$10 million | 11333 W Ricks Circle
Cynthis Smith Hughes, daughter of Mark C. Smith, co-founder of telecom company Adtran, is selling this Preston Hollow Estate for $10 million. Holly Davis of Allie, Beth, Alman and Associates has the listing. The nearly 11,000 square foot French-style mansion was designed by architect William Briggs and sits on a 1-acre lot. It has a pool, fountains and expansive garden.
$18.5 million | 10010 Strait Lane
This 2-acre new-build is currently listed as the most expensive home in Dallas on Zillow and is located on one of the most coveted streets in Preston Hollow. The home is under construction with a 2024 completion date, the listing shows. The 12,000-square-foot home, called the “Highclaire,” has six bedrooms and 11 bathrooms. The seller is Hadley and Bess LLC, a company owned by Stephen and Abby Simpton. The couple owned a number of Texas dental practices and now develop single-family homes. Jonathan Rosen of Compass has the listing. The property has a pool, tennis courts, indoor and outdoor gyms, 10-car garage and a movie theater.