In Texas, the fastest growing sector in the real estate marketplace is the luxury market. This includes the Fort Worth area and adjoining suburbs. According to Mansion Global, the luxury market has grown 19.1% over the last twelve months. This translates a banner year for the big-ticket Texas real estate arena. The article goes on to say that luxury homes were the fastest growing sector of the Lone Star State’s housing market in 2017, according to a report by the Texas Association of Realtors.
When comparing both sales volume and sales dollar volume for homes $1 million and up — the report’s benchmark for luxury — this market showed double-digit gains from November 2016 to October 2017, according to this report.
This report went on to say that the luxury home sales volume in the state increased 19.1% to 4,622 and sales dollar volume rose 19.9% to approximately $7.5 billion. This means that the prime market noticeably outperformed the sales volume and sales dollar volume for the overall Texas housing market during the same period, which increased 4.5% and 10.7%, respectively, according to the report.
Vicki Fullerton, chairman of the Texas Association of Realtors, said in the report, “Despite slowing growth trends across the Texas housing market, job market, and economy in 2017, Texas luxury home sales volume has continued to grow at a booming pace.”
This means great things for the overall luxury real estate market in Fort Worth, Texas. On a local level, Dallas-Fort Worth-Arlington saw the most luxury home sales and the highest dollar volume, 1,669 and $2.6 billion, respectively.
An example of the luxury homes available in the Fort Worth, Texas, is Casa Incantata. Nestled on 2.7 private and gated acres in the Fort Worth suburb of Burleson. Located just 20 minutes from Fort Worth and an hour from Dallas, this luxury estate offers a private utopia surrounded by meticulously manicured landscaping, Italian fountains, hand crafted finishes, and unique features in every direction including a resort style backyard retreat complete with a free form pool. Set in the private countryside amongst lush landscaping, this majestic estate provides Tuscan elegance throughout its 4 bedroom, 4 full and 2 half bath residence. Casa Incantata will be offered at a luxury no-reserve auction on June 30, 2018, with Supreme Auctions. To learn more, contact Supreme Auctions at (866) 929-2243 or visit SupremeAuctions.com.
The wonderful news for buyers is that prices for individual luxury homes in Texas didn’t experience the same surge as the sales dollar volume overall. In January to October 2017, the median price for a Texas luxury home was $1.35 million, unchanged from the first 10 months of 2016. And luxury homes stayed on the market for an average of 98 days in the first 10 months of 2017, approximately three days more than the same time period in 2016. This translates to there being some beautiful luxury homes available and the buyer has some negotiation power due to this market situation.