Luxury Home Sales Are Booming In North Texas

Luxury Home Sales Are Booming In North Texas

While overall preo-wned home purchases have leveled off, luxury housing sales are soaring in the Dallas-Fort Worth area.  Sales of homes priced at $1 million and above jumped 15 percent in 2014, according to a new report by the Texas Association of Realtors.  North Texas had the second-highest luxury home sales increase in Texas, behind only San Antonio, where $1 million property purchases rose by 26 percent last year.  “The overall economic growth and prosperity in Texas have contributed heavily to the luxury market, making it one of the strongest segments of housing in Texas in 2014,” Jim Gaines, an economist at the Real Estate Center at Texas A&M University, said in the new report. “We also saw a lot of people moving to Texas from places like California, where a modest two-bedroom condo can be valued upward of $1 million.

“Those people sell their home in California, move to Texas and realize their money goes much further in our market.”

  • Dallas Morning News, January 5, 2015

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