It was a good year to sell multimillion dollar houses in Dallas-Fort Worth.
High interest rates may have put a damper on some of the Metroplex’s housing market activity, but that’s not the story for cash buyers.
For Dallas luxury brokerage Allie Beth Allman & Associates, 2024 was the second-best year in the brokerage’s history, behind the bonanza that was 2021.
Allie Beth came in fourth in The Real Deal’s ranking of Dallas-Fort Worth’s top brokerages, using data from April 2024 to April 2025. With just over 2,000 closings and $2.56 billion in sales volume, the average sale price was $1.275 million — the only brokerage in the bunch to pass the $1 million mark.
The brokerage used to consider $5 million homes “ultra luxury,” said president and CEO Keith Conlon. Now, prices closer to $10 million are becoming a lot more common.
Numbers from the rest of the Lone Star State show North Texas is pulling ahead, and fast. A Compass luxury report from 2024 shows the brokerage sold 13 homes for more than $10 million in DFW last year, compared with five in Houston and zero in Austin.
“Every time you see a price, you think, god, that’s a big number. And they get it. It keeps happening over and over again,” Conlon said.
Living the lux life
Dallas’ luxury real estate is booming because it’s attracting luxury buyers.
The city added 3,800 millionaires in 2024, according to a recent report from London-based consulting firm Henley & Partners. Wealth is flocking to Dallas as the world’s largest financial institutions put down roots in the city, creating what’s been dubbed “Y’all Street.”
If you assume people need decades to accumulate the kind of wealth necessary to buy a house like that, think again. Conlon has noticed that the Big D’s luxury buyers are getting younger and younger.
“It’s blown me away how much wealth there is in these younger families. People in their late 20s, early 30s buying $7 million, $9 million homes,” he said.
He relayed an anecdote from a listing agent who was showing a Highland Park home listed for more than $5 million.
While her clients looked around the house, “she watched their baby,” he said.
For the most part, these buyers are on the hunt for recently built, turnkey listings. Today’s luxury buyer wants “the pool and the game room and all the bells and whistles,” Conlon said.
He provided an example: 3537 Wentwood Drive, a five-bedroom, seven-bathroom home in University Park. The home constructed in 2023 sold for north of $8 million last year, Conlon said. It sits on a 0.34-acre lot — enough room for a swimming pool, grilling area and covered patio.
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Vertical living
Demand for luxury living has started welling up on the other side of the life cycle.
Empty-nesters looking to downsize are growing into a larger buyer contingent, said Gabe Richter, regional vice president at Compass Texas. Compass came in second in TRD’s ranking, pulling in $5.5 billion in sales.
“It’s Texas, right? You’ve got folks who have purchased larger homes, maybe on larger spreads of land. And, as they move into that next phase of life, they’re looking for something a bit easier to maintain. But they don’t want to give up on the luxury lifestyle,” he said.
Dallas-Fort Worth’s nascent condo market is no match for this burgeoning demand, Richter said.
“Those things just take time, and we’re seeing that the demand is today,” he said.
Plus, they’re especially difficult to finance in Texas. Texas is one of a handful of states that doesn’t allow condo developers to use deposits from condo pre-sales until after a project is complete. The deposits are used to finance up to 30 percent of construction costs in states where that’s permitted, said DC Partners’ Roberto Contreras IV.
Compass has the listing for one of the few branded condo projects in the city’s pipeline: Rosewood Residences Turtle Creek, a 17-story condo building that will include 33 luxury units.
Compass’ Christy Barry is leading sales at the standalone building a block from the 142-key Rosewood Mansion. Prices for the units start at $3 million, and a penthouse will go for about $20 million. The project will feature a rooftop pool and garden on the 18th floor. French architect Lucien Lagrange designed the building.
The developers behind the Rosewood Residences are Hong Kong-based Rosewood Hotel Group and Dallas-based USA Infrastructure Investments.
“Good reset”
While it dominated discussion of the housing market at the beginning of last spring, the drama surrounding the National Association of Realtors settlement faded into the background, brokers said.
News of the settlement broke in March, with the new requirements banning brokers from negotiating commissions through the MLS going into effect in August.
Compass agents have settled into the new reality, Richter said. “In fact, it’s not even really part of the conversation on our radar anymore.”
Conlon called the settlement “a good reset” and an opportunity for buyers and sellers to understand the value a buyer’s agent brings to the table.
For Jim Fite, whose brokerage CENTURY 21 Judge Fite ranked 11th in TRD’s list, it’s more top of mind. The company sold more than 2,900 homes between April 2024 and April 2025, totaling $1.29 billion. That works out to an average sale price of $438,787.
“We monitor it every month,” Fite said.
The firm responded to the settlement with extensive training for its 1,100 agents across the Metroplex on how to communicate their value to clients.
The settlement doesn’t hurt billionaires or millionaires, he said. “The people it’s hurting are minorities and first-time homebuyers.”
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