HOUSE FOR SALE

Dallas sold more $10-million-

plus homes than any other
city, report says
By Amber Heckler Aug 4, 2023 | 3:34 pm

Thi home at 4412 Lorraine Ave. in Highland Park is going for

$11,295,000. ap.rdcpix.com

L
uxury home sales in Dallas-Fort Worth
have grown by a monumental 200
percent for the !rst half of 2023,
according to the new mid-year report by Compass
Luxury. This staggering growth indicates a new
trend for the city's impressive and explosive real
estate market despite recent economic troubles and
limited housing inventory.

Dallas-Fort Worth ranked at the top with Houston

on Compass' list of ultra-luxury real estate markets
— meaning homes selling for $10 million or more
— during the !rst six months of the year. There
were 13 total markets that had more transactions
surpassing the $10 million mark in this time period
than this same time last year.

For some perspective, Compass' data says there

were three homes in the Metroplex that together
sold for a total of $43.79 million during Q1 and Q2 of
this year. That's compared to just one sale in 2022
at $10.95 million.

Dallas-Fort Worth claimed the No. 1 spot in the

report, well above rich enclaves such as Martha's
Vineyard and Jackson Hole, Wyoming, and edging
out Houston, whose sales volume amounted to a
mere $31.5 million for the same number of sales in
Q1 and Q2.

Compass real estate agents Michelle Wood and Amy

Detwiler said in the report that high-earning buyers
have been seeking homes in DFW since the peak of
the COVID-19 pandemic thanks to the cities' low
taxes, a thriving economy, and the value of homes
in the region.

"Preferences of the ultra-luxury buyer have evolved

to prioritize quality and oversized lots over
competitive prices on a price per-square-foot basis,"
they said. "The shortage of oversized lots in the Park
Cities has led to a lack of inventory at ultra-luxury
price points."

Jonathan Rosen, principal agent at The Rosen

Group, echoed Wood and Detwiler's statements
regarding what the ultra-luxurious crowd is
searching for in a Dallas-Fort Worth home.

"In 2023, we’re continuing to see great demand for

new construction ultra-luxury homes in Park
Cities," Rosen said. "Inventory levels are incredibly
tight due to the limited amount of ultra-luxury
listings available in Park Cities and Preston Hollow.
Ultra-luxury buyers in Dallas-Fort Worth
increasingly expect high-end !nishes and lots sized
to at least an acre."

The top 10 real estate markets with transactions

over $10 million for the !rst half of 2023 are:

No. 1 – Dallas-Fort Worth (200 percent)

No. 2 – Houston (200 percent)
No. 3 – Boulder, Colorado (100 percent)
No. 4 – Jackson Hole, Wyoming (60 percent)
No. 5 – Greater Seattle (55.5 percent)
No. 6 – Martha's Vineyard, Massachusetts (50
percent)
No. 7 – Westchester County, New York (50
percent)
No. 8 – Greater Boston (42.8 percent)
No. 9 – City of Boston (40 percent)
No. 10 – Wine Country, California (25 percent)

The full mid-year ultra-luxury real estate report can

be found on Compass Luxury's website.

LAND OF MANY HIGH RISES

This Dallas-area zip code
ranks 5th hottest in U.S. for
new apartments in last 5
years
By Amber Heckler Oct 23, 2023 | 9:20 am

More people means more apartments to Ut them all. Photo by

Andreas Rasmussen on Unsplash

N
early all of Dallas-Fort Worth has
experienced a "urry of apartment
construction to accommodate the
equally expanding population in the last few years.
In fact, eight Dallas-area zip codes were the hottest
markets for new apartment construction between
2018 and 2022, according to a new rental market
analysis by RentCafe.

Frisco is !fth in the nation

Most impressively, the zip code 75034 in Frisco was
the No. 5 hottest market in the U.S., with a 70
percent growth rate for apartments. Nearly 5,900
new apartments built in the last !ve years, with a
majority (96 percent) of units falling in the category
of "luxury apartments."

According to the study, the median age of a person

living in 75034 is about 36 years old, and the
median income for the area is $65,816. This could be
attributed to several major employers being located
in the Dallas suburb, such as T-Mobile, Oracle, and
Amazon.

"[Big corporations in Frisco], along with a highly

rated school system, makes the city attractive for
everyone from young professionals to families with
children," the report said.

Frisco joins the likes of several major U.S. cities with

similar explosive apartment rental growth, and
outranks all other zip codes in Texas.

The top 10 zip codes that built the most new

apartments from 2018-2022 are:

No. 1 – 20002 in Washington, D.C. (73.1 percent

growth rate)
No. 2 – 20003 in Washington, D.C. (122.2 percent
growth rate)
No. 3 – 11101 in Queens, New York (73.5 percent
growth rate)
No. 4 – 37203 in Nashville, Tennessee (96.6
percent growth rate)
No. 5 – 75304 in Frisco, Texas (69.5 percent
growth rate)
No. 6 – 85281 in Tempe, Arizona (38.8 percent
growth rate)
No. 7 – 30309 in Atlanta, Georgia (65.1 percent
growth rate)
No. 8 – 92101 in San Diego, California (46.4
percent growth rate)
No. 9 – 07302 in Jersey City, New Jersey (41.1
percent growth rate)
No. 10 – 98052 in Redmond, Washington (51.8
percent growth rate)

Four other Dallas-area suburbs landed in the top

50
For workers commuting into Dallas from outside
the city limits, the zip codes 75052 in Grand Prairie
and 75070 in McKinney were the No. 18 and No. 19
hottest U.S. markets for new apartment
construction. Both suburbs had a little more than
4,000 new units built between 2018 and 2022,
which translates to a 78 percent growth rate in
Grand Prairie, and a 50 percent growth in
McKinney.

The Colony's 75056 zip code ranked No. 30 in the

nation, with a 44.5 percent growth rate. The study
says 3,461 new apartments were built within the
!ve year period.

Edging its way into the top 45 was 75082 in

Richardson (No. 44). The city saw 2,875 new
apartments built between 2018 and 2022, a 79.5
percent growth rate.

Dallas proper zip codes

Located in the heart of the city, 75204 encompasses
parts of Baylor-Meadows, Old East Dallas, Belmont
Park, Uptown, and State Thomas on both sides of
Interstate 75. It ranked No. 21 in the report, with
more than 3,800 new apartment units constructed
between 2018 and 2022.

On the northwest side of town, 75234 in Farmers

Branch ranked No. 30 with more than 3,300 new
apartments built within the same time span. This
zip code had the highest growth rate out of all
Dallas-area zip codes at 88.7 percent.

On the opposite end, the Dallas zip code with the

smallest growth rate was 75206, located between
the area east of I-75 and Skillman Street. The zip
code earned No. 41 in the study, and had 3,076 new
apartments constructed from 2018-2022.

The full report can be found on rentcafe.com.