The Luxury Real Estate Market Remains Strong, Especially in North Texas

You heard it here first. 

In January, I told you the North Texas luxury real estate market was still performing beyond expectations. By March, The Real Deal was echoing my market analysis. Last month, the Institute for Luxury Home Marketing released its Luxury Market Report, and guess what? Nothing has changed. They ran the numbers and found Dallas at an average of 13 days on the market for luxury homes.

The Luxury Market Still Belongs to Sellers

We have a great example of the speed at which our luxury homes are moving today. On Friday, Allie Beth Allman’s Cheryl Carter listed this absolute stunner at 5206 Brookview Drive. It flew off the market in 24 hours. The list price was $10 million, and the buyer was local.

Yes, we still have massive numbers of relocations to Dallas, and they are also looking in the luxury real estate market, but so are our local owners. And they have an edge because they know what they want, know our market, and have experienced Realtors searching daily for that perfect home.

“We put it on MLS Friday,“ Carter said. “I immediately got a text message from an agent, and her client saw it early Saturday morning. They spent an hour, walked out, and said they were sending in an offer. The contract was signed that afternoon.”

Carter already had two more showings scheduled that day. The lesson is clear. Get there first.

Does Carter’s rapid sale mean your home will fly off the market? No. If it’s not priced right, staged, and photographed professionally, it will still sit despite low inventory.

We’ve reached a new level of buyer expectations. Buyers in the luxury market don’t want to imagine what a home will look like with furniture. They also will never do any work. In fact, they generally want to negotiate for the furniture. We are no longer in an era of move-in readiness. Luxury market buyers want live-in ready.

Put a home on the market that has ticked all those boxes and will sell in a matter of days.

Of course, this luxury home is pretty darned fabulous. I saw it when the brilliant team from George Bass Stage & Design was winding up the stage. When George calls and says, “You need to see this one,” I know it’s something special. Versailles Inc. owner Sam Elchami worked with the owners for three years, from 2018 to 2021, to completely transform this property. Elchami is known for his attention to detail and stunning finish-out.

“It’s one of his most exceptional homes,” Carter said. “They even removed the brick facade and replaced it with limestone. The layout is open and easy to navigate yet still structured enough to have different designated areas. The primary setup is fabulous, and those closets! It’s exciting to be a part of a sale that goes quickly and is understood by everyone why it goes quickly.”

The equation is simple. A great professionally staged and photographed home plus great agents equals a fast sale.