Luxury home market exploding in North Texas
Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.
“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”
While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 – $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.
DFW’s monthly housing inventory was 2.5 months in March. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Single family homes spent an average of 47 days on the market in March. There were 17,818 active single family listings for the DFW housing market.
- 9,573 Homes sold, 12 percent higher than March 2016.
- $240,000 Median sales price for homes, 12 percent higher than March 2016.
- $293,356 Average sales price for homes, an 11 percent increase over March 2016.
- 2.5 Monthly housing inventory in March 2017.
- 47 Average number of days homes spent on the market in March 2017.
- 17,818 Active listings on the market in March 2017.
- $128 Average price per square foot for a single family home, up 10 percent year-over-year.
New records set in March 2017
- Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
- Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
- Average sales price for homes. The previous record of $289,204 was set in June 2016.
- Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
- Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.
Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.