In the News

DFW: So far this year, almost 1,400 million-dollar homes have sold in Dallas-Fort Worth. Since North Texas housing values are at record levels, more properties make it into the million-dollar category. Lendingtree.com says in Silicon Valley’s San Jose market, more than 56% of houses sell above the million dollar mark. And in San Francisco, million dollar properties comprise more than 42% of transactions. Dallas ranks 21st among major U.S. markets with the most million-dollar homes, with 2% of local housing valued above a million. Austin had the largest share of million-dollar homes in Texas and ranked nationally at #11. Lendingtree analysts said only 5.86% of owner occupied homes in the nation’s 50-largest metro areas are valued over $1 million. At the end of September, about 1,500 million-dollar homes were listed for sale by real estate agents in the North Texas market.

DFW: Area home prices rose 2.7% in September, according to CoreLogic. Austin prices were up 4.85% and Ft. Worth up 3.3%. Through the first nine months of 2019, median single-family home prices are up 2%. CoreLogic forecasts nationwide prices will rise 5.6% in 2020. Only one-in-five millennials say buying a home is affordable, while 42% of older millennials, up to age 38, say they spent more on their home purchase than expected —on average, $383,000 with 16% down, and using retirement accounts for 7% of that figure.

DFW: DFW led the state in home sales during the third quarter, reports the Dallas Morning News. More than29,000 homes sold during that time, almost a quarter of all Texas sales, according to the TRA. Statewide home sales were up 3.5% over last year. DFW sales by agents were up 5.7% from a year ago. North Texas median home sale prices rose 3.6% to $275,501, compared to Austin’s median price of $310,900. Economists at the Real Estate Center at Texas A&M expect attractive interest rates to attract buyers and predict new home construction will continue to rise in DFW. In the first nine months of 2019, area home sales by agents are 2% ahead of last year.

DFW: Million-dollar home sales statewide are up more than 11% in 2018. DFW had the most million dollar sales of any Texas metro area. 1,825 properties for the year ended in October. Houston was second with 1,669. More than $3 billion in North Texas million-dollar homes were sold, representing over 9% of the total DFW residential sales volume. (MLS) Average price per square foot for a luxury home was $320/SF compared to $136/SF for all residential. Million-dollar homes now comprise almost 4% of the national marketing, up almost 8% from last year.

DFW: There’s no downturn in Uptown as precious lots continue to sell for prices nearing $400/ft. A one-acre-plus vacant tract on Maple across from the Crescent closed recently close to $375/ft. with plans for a high rise apartment project. The half-block at Boll Street and McKinney Avenue, occupied by a few small buildings, sold for undisclosed terms or plans. Meantime, north of Uptown on Knox Street, building permits have been filed for a $72 million, 600,000-square foot tower replacing Weir’s store and retaining the pharmacy/soda fountain building.

DFW: A 150,000-square foot Central Market will be the lower level of a 19-story,

450,000-square foot office tower complex on a 4.8-acre site at McKinney and Lemmon

formerly occupied by an Albertson grocery. Grocery shoppers will have two levels of

garage parking on top of the store. A two-acre public plaza on the market roof will

access the tower, shops and restaurants. The store at street level will stretch the length of

the block facing McKinney. This is the seventh store in DFW and developers say it is the

largest in the Central Market portfolio.

DFW: Sales of $1 million-plus homes in the Dallas area are up almost 30% in the third

quarter, continuing the largest year-over-year increase of the top ten metro markets. More

than 300 luxury homes sold in the third quarter, for a total of 1,389 homes sold to date.

DFW had the largest number of preowned property sales in the state for the third quarter,

a total of 27,660. DFW also had the biggest inventory increase, up 14.5% from last year.

DFW: In the first half of 2018, over $11 billion in construction projects began in North Texas, second only to New York City. DFW remains the #1 home and apartment building center in the nation, reports the Urban Land Institute. DFW is their survey’s #1 market for 2019. Austin and San Antonio also placed among the 20 favorite cities for investment and development.

Uptown property values exceed $5.5 billion, up 15% in the last two years, in a recent report from Uptown Dallas, Inc., charged with the responsibility for enhancing the quality of life in the public improvement district. The area is 99% developed with 96% occupancy. The resident population of 19,000 has increased 66% since 2010, with families the fastest growing demographic. Daily foot traffic of more than 30,000 walk over 654,000-square-feet of well maintained sidewalks. In Uptown’s 591.8 total acres, green space and parks occupy 58.2 acres (about 10%). Uptown has more than 50 arts and culture locations, 130 fitness studios, more than 200 restaurants and bars and more than 150 retail shops.

DFW: Dallas ranks fifth among major markets with the largest year-over-year gains in home purchase contract, according to Meyers Research, who credit rising interest rates pushing more buyers into the spring market. DFW totals rose 8%. CoreLogic’s recent Home Price Index show U.S. prices up 6.9% from last year and the report forecasts increases this year of around 5%. Lower-priced homes saw a gain of 90.3% versus 5.7% rise for higher-price homes.