Sales of $10 Million (and More) Mansions Skyrocket in Houston & Dallas — A 200 Percent Increase Shows Texas’ Ultra Luxury Power

With release of its inaugural Mid-Year Ultra-Luxury Report, Compass reveals that sales of homes of $10 million or more in both Houston and Dallas have climbed a stratospheric 200 percent over the same period from last year.

Of the 76 markets that Compass — noted for its technology-enabled sales abilities — examined, Houston and Dallas were among a mere 13 that had more $10 million and higher home sales in this time period over the same time period last year.

“Moreover, high-net-worth buyers are increasingly choosing low-tax and vacation destinations like Dallas-Fort Worth and Houston,” the report notes adding that those two markets were far above the others with record transaction increases.

PaperCity checked in with a top agent in both cities to get their take on the explosive number of sales in the top, top end of the luxury market.

“Our team is seeing ultra-luxury (Dallas) markets like Preston Hollow and the Park Cities continue to attract out-of-state buyers who are willing to pay higher prices for turnkey finishes and oversized lots,” notes Michelle Wood of the Detwiler + Wood Group with Compass.

“We’re seeing home prices in the Park Cities in the $10 million-plus market continue to increase, contrary to trends in other markets. The local ultra-luxury buyers that we represent often have a better understanding of the relative value available in Dallas, as compared with other urban markets across the country.”

Reflecting on the Houston market, Laura Sweeney, who is consistently the Bayou City’s top sales agent, noted that Houston is enjoying a “resilient and thriving ultra-luxury home market that continues to create multiple offer situations for the finest properties in exclusive neighborhoods such as River Oaks. We expect that the local ultra-luxury market will continue to be strong through the second half of 2023.”

Houston and Dallas ranked at the top of increased ultra-luxury $10 million and higher home sales coming ahead of Boulder, Colorado at a 100 percent increase; Jackson Hole, Wyoming at 60 percent; greater Seattle, Washington at 55.5 percent; Martha’s Vineyard and Westchester County, both at 50 percent; Greater Boston at 42.8 percent; the city of Boston at 40 percent; California wine country at 25 percent; and the Scottsdale, Paradise and Phoenix area at 18.7 percent.

Yes, $10 million and more mansions are a big thing in Houston and Dallas.