Allie Beth Allman
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North Texas’ housing market isn’t what it used to be.
After several years of surging sales and runaway prices, the Dallas-Fort Worth home market is leveling off — even declining in some neighborhoods. But one part of the D-FW market that shows no sign of a slowdown so far is super high-end housing.
While overall preowned home sales in the area are up barely 1 percent in 2018, sales of million-dollar homes in North Texas are 9 percent higher than in the first eight months of last year.
Real estate agents have sold a record 1,262 million-dollar homes here through August.
Some of those sales have been pretty big ones. North Dallas’ Baron Estate on Preston Road just sold for close to $20 million. It’s one of the most luxurious residential properties in the state.
More than a dozen homes in the area priced at $10 million and up are currently on the market — the most ever.
A new nationwide housing snapshot finds that luxury home sales are booming in many cities. The number of million-dollar home sales this year is up 6 percent nationwide, according to Realtor.com.
There have been double-digit home price gains in luxury housing in 20 major U.S. markets, and two-thirds of U.S. markets are seeing sales of luxury homes move faster than this time last year.
"Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places," Realtor.com chief economist Danielle Hale said.
Some of the biggest luxury home price increases are showing up in markets in Florida, New York, California and Colorado, according to Realtor.com.
"What’s going on in the luxury market is different than what’s going on everyone else," Hale said. "We are seeing much more strength. High-end buyers are doing really well and the economy is really strong."
The months-supply of million-dollar homes on the market in D-FW has dropped since last year because of more sales. Million-dollar home listings in the area haven’t seen the run-up in more moderate price ranges.
The boom in pricey home buys runs counter to forecasts of a dip in luxury home sales following recent federal tax law changes.
With fewer deductions for expensive residential properties, some analysts had warned of a slowdown in million-dollar home purchases and slower appreciation. But the tax law revamp didn’t just limit home write-offs.
"The other thing it did was cut taxes," Hale said. "Those tax cuts were particularly large for upper-income folks who are most likely to use high-end real estate."
Hale said both the tax cuts for wealthy Americans and higher incomes are fueling demand for luxury homes.
You can’t say the same for the middle of the home market, which has slowed this year in many North Texas communities.
"It makes sense given how hot the middle of the market had been for so long," Hale said of the D-FW market. "It may take you a little longer to sell your home, but it will still sell."