New Listings have flattened and remain above Closed Properties. With a new round of interest rate increases, the lux market trajectories diverged rather than slipping into an inverted market again. Buyer demand has dropped some while seller pricing is inflated and the primary cause of excess inventory. In other words, there are plenty of buyers for properly priced and marketed homes.
The property with the highest list price to enter the market this month is a completed new construction home in the Preston Hollow vicinity. It is listed at $12,999,000. It’s a 10,888 Sq. Ft. modern contemporary style 7 bed, 7.3 bath house with a 10-car garage, pool and tiered decks on .65 acres.
The highest closed luxury property this month was last listed at $9.135 million. It is a 12,612 Sq. Ft. Mediterranean style estate built in 2009 with 5 bed, 6.2 bath with a gourmet kitchen, outdoor kitchen, cabana, pool, private guest house, and four garage spaces on 1.1 acres in Preston Hollow.
There are currently 52 Active luxury lease properties in North Texas with list prices of $10,000 or more per month (up from 38 on 1 Oct. 2022). The highest listing price for a lease is a 5 bed, 5.1 bath with a 3-car garage, a pool on 1 acre in Preston Trails of Dallas for $30,000 monthly.
The highest closed lease for the month was in the Glenwyck Farms Addition of Westlake and last listed for $21,000 per month.
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, Certified New Home Sales
214-862-7212 (call or text)
DFWmark@kw.com
DFWmark.com
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