The 1M Plus Club See What Kind Of Houses 7 Figures Will Get You In Dallas

The 1M Plus Club See What Kind Of Houses 7 Figures Will Get You In Dallas

Image titleWhat's the biggest difference between the $1 million plus real estate market in Dallas now compared to a decade ago? Well, the existence of a market, for starters.

"Ten, 15 years ago, we really didn't have much of a million-dollar market in Dallas," said Kay Weeks, an associate at Ebby Halliday Realtors. "We have more inventory, but we have a lot more demand."

The $1 million-plus club faces the same problem of limited inventory that the rest of the North Texas real estate market faces, as people keep locating to the area. Weeks said that stops being a problem at the $3.2-$3.5 million price point because there's not as much demand at the top of the market.

"When you get to that price level, people want to do their own thing so they're more likely to build to achieve exactly what they want," Weeks said. "It's a lot of money. People get pickier."

Home prices haven't risen as much for high-end houses, Weeks said. The DFW region, as a whole, has seen 43.3 percent price increases in the last five years, but the $1 million-plus market hasn't. At the $1 million price point, 40 percent equals almost half a million dollars.

"It's been a very steady and good market," Weeks said. "It's really a seller's market, but those statistics aren't necessarily true (for the high-end market)."

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Phone: 214-425-3525
Dated: February 20th 2017
Views: 240
About Josiah: Josiah is the founder of JFI Brokerage. He is a very driven individual with over 15 years’ experie...

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