Million-dollar home sales are booming in North Texas.
A record of almost 1,400 million-dollar houses changed hands in the Dallas-Fort Worth area in the first nine months of 2018. That’s a 10 percent growth in mansion sales in the region, while overall preowned home sales are unchanged from where they were a year ago.
While more pricey properties are selling in D-FW than ever before, the percentage of local properties fit for a millionaire is still low by national standards. Only about 2 percent of Dallas-area homes are valued at $1 million or more, according to a new report from Trulia.
That’s less than the nationwide 3.6 percent share. More than 3 million U.S. houses are now valued at $1 million or more, Trulia estimates. And most of them are in coastal markets in California and the Northeast.
Over the past year, as prices continued to rise, the median home value in more than 100 neighborhoods crossed into $1 million territory, Trulia’s new study says.
“Million-dollar homes remain relatively rare, but widespread and robust home value growth — the typical U.S. home appreciated 7.6 percent over the past year, with many markets experiencing double-digit growth — is helping to quickly swell the ranks,” Trulia housing economist Felipe Chacón said in the report.
The U.S. markets with the most million-dollar houses are concentrated in California, with San Jose, San Francisco and Oakland topping Trulia’s list.
“It’s clear the Golden State more than lives up to its moniker,” Chacón said. “And given that so many homes there are worth $1 million or more, it should come as little surprise that California is also home to the largest number of million-dollar neighborhoods, those enclaves where half of all homes are worth at least a cool million bucks.”
Honolulu, Seattle and Long Island, N.Y., also ranked in the top 10.
In North Texas, the Park Cities is the only residential area where the median sale price tops $1 million. North Dallas is close, with a median sale price of $962,500, according to local real estate agent data. Southlake is the most expensive local suburban home market, with a median sale price of $755,000.
That’s chicken feed by San Francisco standards, where the median home price this year is $1,392,670, according to Trulia.
The Dallas area ranks 33rd nationally among markets with the largest percentages of million-dollar homes, even though the percentage of local million-dollar properties has almost doubled in the last five years.
About 1,450 Dallas-area homes currently up for sale are listed for $1 million or more.