The owners of 3612 Crescent Avenue in Highland Park seemed to command the high ground of the Texas market last month. With an asking price of $18.5 million, the mansion, held by the family trust of a Stanford University trustee and a Morgan Stanley wealth manager, was the second-most expensive listing in the state. Located in one of Dallas’ most desirable neighborhoods, the home has a top-performing Compass agent and glowing coverage in local media.
The rub? The home had already listed last year for $19.5 million, stalled, relisted in January and left the market in August before reentering with a $1 million price cut in September.
The Crescent Avenue mansion isn’t alone. As the Sun Belt shifts in favor of buyers, prices are lowering and market time is lengthening for Texas’ most luxurious homes.
While prices have risen nationally, luxury home transactions fell 0.7 percent to a 10-year low in August, according to Redfin. In this metric, Texas is strongly outperforming Florida, which has undergone the most drastic change; luxury deals declined by 27 percent in West Palm Beach and 19 percent in Miami. Austin is the only major Texas metro to experience a decline in luxury trades, and its 0.4 percent fall is slightly shallower than the national average.
However, Austin, Dallas and Fort Worth all chart higher-than-average days on market for homes above $1 million, and the price history of the state’s top homes suggests that demand for ultra-luxury in Texas might be on the wane.
In Dallas, the state’s leading luxury metro, agents are optimistic about the general luxury class.
“The $3 million-plus segment is thriving,” said Bryan Pacholski, chief sales officer of Compass’ Dallas office. Dallas/Fort Worth saw 338 luxury transactions in the second quarter of 2025 compared to 232 the prior year, according to Pacholski, amounting to a 46 percent increase year over year.
The lower stratum of luxury is more sensitive to lending, said Douglas Elliman agent Breah Brown, who calls North Texas luxury “pretty resilient.”
“Interest rates are affecting that first-home buyer, and here, that’s around the $2 million, $2.5 million dollar mark. Of course, you’ve got condos and stuff that are under a million, but first-home buyers are really in that range,” Brown said.
However, the ultra-luxury lane is noticeably slowing. Of the 40 most-expensive properties in Texas to list since June, only one has sold, according to the Houston Association of Realtors. The average luxury home sold in 46 days in August, three days slower than last year, according to Redfin. Most of the state’s 40 priciest listings have already exceeded this average.
Furthermore, the new listings aren’t that new. September had a higher concentration of relistings compared to prior months. Along with 3612 Crescent Avenue, six other properties — 7031 Turtle Creek Boulevard, 4625 Walnut Hill and 4208 Beverly Drive in Dallas, 412 Timberwilde Lane and a condo at 2555 North Pearl Street in Houston, and 2 Grand Colonial Drive in Spring — reentered the market in September. With an asking price of $9 million, 4625 Walnut Hill is the most serially marketed home of the set, having listed five times in the last 12 months.
Previous months didn’t have this many relistings. None of the top 10 homes for sale in either May or June had listed before within the year, and July had just one relisting.
Several sellers have decided to take their homes off the market altogether. The properties at 3648 Stratford Avenue and 3709 Euclid Avenue in Highland Park, 4905 Reserve Court in Parker, and 6 Estancia Place in Spring all failed to find a buyer, according to Zillow and county records.
Nationally, luxury listings increased 9.5 percent year over year during the summer to their highest peak since 2020, accounting for seasonal trends, according to Redfin.
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