Dallas-Fort Worth is the largest luxury housing market in Texas, and it is not close. Between November 2024 and October 2025 the metro recorded 5,485 sales of homes at one million dollars or more, worth $9,682,347,618. That is 38 percent of every million-dollar home sale in the state.

What follows is the full data picture: how large the market actually is, what a luxury home here physically is, a seasonal pattern most sellers never plan around, and what the figures mean if you are buying or selling. Every number is sourced and dated, and the section on what the data cannot tell you is at the end rather than left out.

How Large the Market Actually Is

The headline number is $9.68 billion across 5,485 transactions. Two things make that figure more interesting than its size alone.

The first is share. Texas as a whole recorded 14,418 million-dollar home sales in the period, a record, generating $24.5 billion. Dallas-Fort Worth accounted for 5,485 of them. Houston recorded 3,948, Austin 2,714 and San Antonio 736, with the remainder spread across the rest of the state.

Metro	Million-dollar sales	Share of Texas
Dallas-Fort Worth-Arlington	5,485	38%
Houston-Pasadena-The Woodlands	3,948	27%
Austin-Round Rock-San Marcos	2,714	19%
San Antonio-New Braunfels	736	5%
Rest of Texas	1,535	11%

Austin has spent several years as the Texas market that attracts national attention. On luxury transaction count, Dallas-Fort Worth does more than twice its volume.

The second is concentration within the local market. Million-dollar sales made up 20.8 percent of all residential sales dollar volume in Dallas-Fort Worth. Roughly one in five dollars that moved through residential real estate in this metro moved through the luxury tier, which is a far larger share of the money than of the transactions.

What a Million-Dollar Home in Dallas-Fort Worth Actually Is

This is the part rarely written down, and it is the most useful orientation for anyone entering the market from outside it.

Measure, October 2025	Million-dollar homes	All residential homes
Median size	4,284 sq ft	2,096 sq ft
Average price per square foot	$402	$205

A luxury home in this metro is roughly twice the size of a typical one and costs roughly twice as much per square foot. Those two multipliers compound, which is the arithmetic reason the luxury tier is a separate market rather than the top of the ordinary one.

The median year built is 2007. That single figure carries a lot of information. It means the centre of gravity of this market is not the pre-war estate but the large, relatively modern house, and it reflects how much of the metro’s luxury inventory sits in the Mid-Cities and northern corridors where that stock was built. The older housing of the Park Cities, Preston Hollow and the established central neighborhoods sits on one side of that median, and the newer construction of Southlake, Westlake, Frisco and Prosper on the other.

The gap between mean and median

Median closing price was $1,421,560. Average sale price across the full period works out to about $1,765,241, a difference of roughly $344,000.

A mean that sits well above the median tells you the distribution has a long upper tail: a relatively small number of very large transactions pulling the average up, above a much denser band of sales closer to the million-dollar threshold. Practically, most of this market transacts nearer $1.4 million than $1.8 million, and the estate tier above it is real but thin.

The Seasonal Pattern Most Sellers Never Plan Around

The monthly transaction counts are the most actionable part of the dataset, and they are rarely published in a form anyone can use.

Month	$1M+ sales	Month	$1M+ sales
November 2024	393	May 2025	565
December 2024	430	June 2025	591
January 2025	260	July 2025	571
February 2025	318	August 2025	506
March 2025	465	September 2025	405
April 2025	528	October 2025	453

June closed 591 luxury sales. January closed 260. That is a swing of roughly 2.3 times between the strongest and weakest months of the same year, in the same market, for the same product.

Concentrate it further and the picture sharpens. The four months from March through June accounted for 2,149 sales, which is 39.2 percent of the entire year compressed into a third of the calendar. The three months from November through January accounted for 1,083, under 20 percent.

There is a compounding reason behind the spring concentration that is specific to this market. A large share of luxury households here move on a school-year timeline, and independent school admissions decisions in Dallas typically arrive in March, which forces a compressed search and closing before an August start. That mechanism is set out in the Dallas private school admissions calendar and your home search. The seasonal curve above is, in part, that calendar showing up in the transaction data.

Supply, Speed and What They Signal Together

Three figures moved in the same direction, and read individually they look like softening.

• Months of inventory rose from 5.6 to 6.5.
• Average days on market rose from 57 to 61.
• 10,878 new luxury listings entered the market against 5,485 sales.

Read alongside the other two figures, they say something different.

• Sales rose from 4,989 to 5,485, an increase of about 10 percent.
• Median closing price rose 4.3 percent.

A market that is genuinely weakening does not post higher volume and higher prices at the same time. What this combination describes is normalization: more inventory reaching the market, buyers taking longer to choose because they have more to choose from, and the market absorbing that additional supply at a slightly higher price than the year before.

For context, a balanced market is generally considered to sit somewhere around five to six months of supply. At 6.5, the DFW luxury tier is on the buyer-favourable side of balance. That is a meaningfully different condition from the broader metro, where supply has been tighter, and it is why advice written about the DFW market as a whole frequently does not apply at this price point.

The 93 Percent Rule

Closing price averaged 93 percent of original list price.

For a seller this is the single most practical figure in the report, and it is worth stating plainly what it means. Across the market as a whole, initial asking prices were running about 7 percent ahead of what buyers actually paid.

The strategic consequence is not that you should discount. It is that a home priced correctly from day one is competing against a field that is, on average, overpriced. Correct pricing is not a concession in this market, it is a competitive position, and it is available to anyone willing to take a defensible valuation seriously instead of testing a number.

It also frames the cost of getting it wrong. A property that launches above the market and then reduces is not simply arriving at the right number late. It is arriving there having spent the period of highest buyer attention, the first two or three weeks, being ignored.

Where the Metro’s Luxury Inventory Sits

The metro’s luxury stock divides into three broad areas that behave differently. These notes describe housing stock and market mechanics only.

The established core: Preston Hollow, the Park Cities, Bluffview, Lakewood

Older housing, smaller and more variable lots, and the shortest distances to the Dallas core. This is where the land-value dynamic is strongest: on a meaningful number of properties the lot is worth more than the structure, which supports continuous renovation and rebuild activity and makes automated valuation least reliable. Two homes on one street can be worth very different amounts for reasons no model can see.

The Mid-Cities corridor: Southlake, Westlake, Colleyville, Trophy Club, Grapevine

Newer construction on larger lots, much of it built from the 1990s onward, and closer to DFW International Airport than the Dallas core is. This corridor sits nearer the metro’s median year built of 2007 than the established core does.

The northern corridor: Plano, Frisco, Prosper, Celina, McKinney, Allen

The newest stock and the deepest supply, with continuing construction. Because builders can add supply here in a way that a built-out neighborhood cannot, this corridor tends to carry more inventory and behaves more like a market with an elastic supply curve. Municipal utility and public improvement districts are more common in the newer developments, and they change the cost of ownership without changing the list price.

What the Data Means If You Are Buying

You have more room than the headline suggests. At 6.5 months of supply and 61 days on market, this is not a segment where you must decide in a weekend. That is a real change from recent years and it should change how you shop.

The 93 percent figure applies to you as well. If asking prices are running roughly 7 percent ahead of closings, the list price is an opening position rather than a valuation. Know what the property is actually worth before you anchor to what is printed on it.

Consider the calendar. Roughly a fifth of the year’s transactions happen between November and January. Buyers active in that window face materially less competition than those searching in May.

Ask what taxing districts a property sits in before you fall in love with it, particularly in the northern corridor. Two homes at the same price can cost different amounts to own.

What the Data Means If You Are Selling

Price it right at launch. With closings averaging 93 percent of original list, the field you are competing against is mostly overpriced. Accuracy is an advantage rather than a sacrifice.

Work backward from spring. If you want the deepest buyer pool, you are listing in late winter, which means preparation begins around the new year. At this end of the market, getting a home genuinely ready frequently takes three to six weeks before it can be photographed.

Budget realistic time. The 61-day average measures listed days only. From decision to closing, a realistic plan is three to five months.

If you are also buying, settle the sequencing first. With inventory at 6.5 months you have somewhat more room to sell first and buy second than you would in a tight market. The structures are covered in how to buy before you sell in Dallas-Fort Worth.

A Note on Texas Data

Texas is a non-disclosure state. The price a home sold for is not filed in the public record the way it is in most of the country, and there is no public database of what homes actually traded for.

Aggregate figures like the ones in this report come from the multiple listing service and from bodies that compile it, principally Texas REALTORS and the Texas Real Estate Research Center at Texas A&M University. Transactions that occur outside an MLS are not captured at all, which means genuinely private sales, a real feature of the top of this market, sit outside every number on this page.

At the level of an individual property this is also why automated online valuations underperform here, most of all on expensive, individual and land-heavy homes. That is covered in what is my Dallas home worth.

Sources and Methodology

• Million-dollar segment data: Texas REALTORS, 2025 Texas Sales of Million-Dollar Homes Report, covering single-family homes sold at $1,000,000 or more from November 2024 through October 2025, for Texas and its four largest metropolitan statistical areas. Point-in-time measures including median closing price, days on market, months of inventory, price per square foot and median size are stated as of October 2025. Sales counts, dollar volume and new listings cover the full twelve-month period.
• Broader metro context: Texas Real Estate Research Center at Texas A&M University.
• Derived figures: Average sale price of about $1,765,241 is calculated as total dollar volume divided by sales count. The March-to-June share of 39.2 percent and the June-to-January ratio of about 2.3 times are calculated from the published monthly sales series, which sums to the reported annual total of 5,485.

Limitations you should know about

The luxury dataset is annual and lags. It covers November 2024 through October 2025 and is the most recent edition available. It is a benchmark for market structure, not a reading of this month.

Point-in-time figures are October 2025 snapshots. Days on market, months of inventory, median closing price and price per square foot are single-month readings, not twelve-month averages, and monthly figures move.

Metro-wide figures are not neighborhood figures. Nothing on this page describes what is happening on a specific street in Highland Park or a specific pocket of Southlake. The metro average is a starting point for a conversation about a property, not a substitute for one.

Off-market transactions are absent. Sales outside an MLS are not in this data, and at the top of this market that is not a trivial exclusion.

The $1 million threshold is a blunt line. It groups a $1.05 million house with a $6 million estate. The mean-to-median gap is a partial correction for that, but any single figure covering the whole tier is describing a wide range.

Frequently Asked Questions