Luxury Home Sales Hit the Dallas Suburbs

A $15.9 million listing in Plano was the most-expensive home sale in Collin County and illustrates the migration of wealth north of Dallas.

Luxury home sales are increasing in Texas, with Dallas-Fort Worth leading the way. At least 11 homes sold with list prices of $10 million or more across the Metroplex last year, up from eight in 2023. Most of them were concentrated in the inner-city submarkets of Highland Park and Preston Hollow. Only one listing over $10 million sold in the region last year, a $14 million home in the far southern suburb Ferris.

Another Collin county town, Princeton, is the fastest-growing city in the United States after its population increased 30 percent to 37,000 last year. The town is right in the path of growth along U.S. Highway 380. Part of its appeal is its affordability compared to nearby suburbs, Princeton Mayor Eugene Escobar said. The bedroom community’s median home price is $325,000, compared with over $500,000 in neighboring McKinney and nearly $700,000 in Frisco.

Elsewhere in Texas residential real estate this week, Houston’s booming Texas Medical Center is spurring a 280-unit apartment complex from local firm Winther Investments.

An Austin investor’s zoning request near Crestview Station is forecasting increased housing density in North Austin.

And a short-term rental bust has turned Galveston into a buyer’s market.

In office market news this week, a distressed office building in Houston’s Galleria area finally secured a lifeline after being threatened with foreclosure for over a year.

Google leased the full Sail Tower, at 601 West Second Street in downtown Austin back in 2019 but has never moved in. The tech giant does have plans to move into part of the building, but the top six floors are available for sublease. Digital Realty Trust nibbled off a piece of that vacancy.

Saudi oil giant Aramco is keeping its downtown Houston headquarters thriving with a 173,800-square-foot lease renewal this week. That followed a 221,000-square-foot renewal from its downstream energy arm Motiva Enterprises in the same complex, Brookfield’s Allen Center.

Meanwhile, a couple of creative office developments were added to Austin’s trickling office pipeline. Design and technology firm Kaalo is planning a 37,500-square-foot office building at 7901 Ranch-to-Market Road 2222 in West Austin. And California-based Redcar Properties is making its debut in the city with a creative office development in the St. Elmo district.

—Rachel Stone