A solid economy in North Texas (and throughout the state) bodes well for the luxury real estate market in 2015.
And we’re already seeing more luxury listings and closings for the year. Here’s why.
There are definitely buyers looking at multi-million dollar properties, and those homes that are properly priced and are move-in ready have sold quickly. Our office recently closed more than 25 properties with a $1 million-plus list price in one week, and had a good dozen more such sales pending.
1851 Turbeville Road | Hickory Creek | Listed for $17,500,000
With the low inventory in all price ranges, the luxury market should continue to be strong well in to 2015.
The luxury real estate market has remained strong over the past couple of years. It is still very much a seller’s market. Some economists are cautiously optimistic for 2015, even though interest rates are expected to rise as the job market improves. The good news is that, with the number of large companies that are moving into the Metroplex, Texas should maintain a stable market even if there were a correction.
Valor Farm, 9599 FM 455 | Pilot Point | Listed for $16,750,000
Indeed, job growth and population growth have been fueling the expansion of the luxury home market across Texas in the past few years. And the most recent report from the Real Estate Center at Texas A&M University shows that Texas continues to add jobs at a rate higher than the nation as a whole. With job stability and increased salaries, homebuyers are looking to “move up” – they want homes on the luxury level.
As a relocation destination, Texas more than any other state in the nation is gaining residents from places such as California, Florida, Oklahoma, Louisiana and Illinois. Many of those people are moving to DFW because of major corporate relocations, and they are bringing a demand for luxury homes with them.
In 2014, the North Texas region had the second-highest sales volume for luxury homes in the state. That growth is expected to continue into 2015.
Learn more about living in DFW. Visit the Best Neighborhoods Site in DFW.
For more luxury homes throughout the Metroplex, see briggsfreeman.com. Click here to see the latest in real estate news. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with seven offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.