Dallas has been on an upward trajectory for the last two years, outpacing the other Southern states in our region. With an average sales price of $12M in 2023 and $13.3M in 2024, Dallas is proceeding with its 5-year upward trend. With a slight up and down in 2021 and 2022, which we see more dramatically in many luxury markets throughout the US, the market looks hot. 2024 would have been a record year in Dallas, if it hadn’t been for the extraordinary year of 2018, where the top 10 sales included 10000 Hollow Way Road, a property sold for $39.2M at auction.
Highlights
Average sales price climbed to $13.3M in 2024, continuing a five-year upward trend
Market velocity fluctuated dramatically from record 167 DOM in 2023 to 341 DOM in 2024
Sellers achieving impressive 93% of list price in 2024, up from historical 80% average
The market's Texas hot
Rising prices in Dallas is resulting in a more volatile market. The average Days On Market (DOM) for the top 10 luxury properties in 2024 is 341 days, putting Dallas slightly above the US average. In 2023, Dallas sold properties at record speeds of only 167 DOM and in the years before that, the average DOM was reaching multiple years.
The average DOM in Dallas coincides with the sales-to-list price ratio movement. We saw a high ratio in the past two years with sales prices coming in at 92% and 93% of the asking price. Years prior to 2022 clocked in average sale prices of only 80% of asking prices. This shows that lingering on the market is undesirable for sellers, as this typically results in a sale that is a lower percentage of their list price, on average.
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