Dallas-Fort Worth Ranks High As Top Luxury Housing Market
Oct 08, 2014 09:10 am | DFW Real Estate | Reprint from Prudential Texas Properties Blog
The housing market in the Dallas-Fort Worth area continues to prove that it’s a major contender in the race as one of the most desirable communities to relocate to, and people of all demographics are packing up their bags to set down roots here. In fact, according to a recent report by the Dallas Business Journal, the Dallas-Fort Worth area is climbing the ranks as one of the top regions for luxury home buyers.
The publication cited data from the 2014 Luxury Home Report by Coldwell Banker Previews International, which found that real estate agents in the North Texas area sold 722 homes valued at a million dollars or more as of August. Compare that figure to the 518 homes sold the previous year and it’s obvious that the luxury market here continues to push its own boundaries. More and more companies are announcing moves here, fueling the migration to this area.
Dallas-Fort Worth ranked No. 11 in the United States for sales of million dollar homes and No. 18 in the ultra luxury market, which is categorized by sales of homes worth more than $5 million.
“The demand has never been higher and there’s never been a better time to sell than right now, but apparently everyone else had that idea,” said John Baen, a professor of real estate for the College of Business at the University of North Texas.
Fort Worth Growing as Desirable Community for All
While it’s a great sign that luxury home buyers are interested in the Fort Worth housing market, buyers surely don’t have to be spending upwards of $1 million to live in the region. According to Altos Research, a California-based real estate analytic company, the median single-family home value in Fort Worth was on the rise for much of 2014 thus far. Kicking off the new year around $152,000, the median single-family home value crept up to $166,322 as of September 26.
While the uptick in home values doesn’t seem too significant, the shift shows a year-over-year uptick and promising trends across the board. One significant trend in Fort Worth has been the demand for homes, noted by the Market Action Index. Altos’ unique figure measures local conditions based on trends that point up in favor of sellers or down in favor of buyers based on a scale that uses 30 as the neutral point. As of September 26, the index was at 37.74 after a few weeks of increases toward sellers.
This is a unique case, as many metro areas throughout the nation are now seeing a decrease in the amount of buyer activity. With Fort Worth as desirable as a community as it is, the average days on market has also remained stagnant. At about 85 days, this is the shortest amount of time homes have been listed on the market in Fort Worth, and with an average of 2,417 properties currently listed in Fort Worth, this is a healthy and strong market.
