Lux Market Watch – July 2022

The luxury market saw all indicators decreased. New Listings have dropped off yet remain higher than closed properties. This means inventory increased in the luxury market. The highest closed property was listed at $9.825 million for an 8 bed, 10.3 bath home with a media room, game room and gym on 4.828 acres in Southlake.

The highest listed price on the MLS remains $43 million for an exquisite 6 bed, 8.3 bath estate with a 10-car garage on 1.84 acres in University Park. It entered the market on 23 May 2022; however, there has been no price improvement.

The Fed raised interest rates .75% again in July. Meanwhile, mortgage rates went from 5.7% at the end of June to 5.3% by the end of July.

There are currently 39 Active luxury lease properties in North Texas with list prices of $10,000 or more per month. The highest listing price for a lease is still a 6 bed, 5.2 bath with a 6-car garage and pool on 2 acres in Flower Mound for $30,000 monthly.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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