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Dallas homebuyers are looking for more luxury properties – and are paying less for them

More Dallas-area buyers are looking for luxury properties, according to a new report by Coldwell Banker Residential Brokerage.
Credit: Courtesy Coldwell Banker
The home at 5531 Ursula Lane is listed at $4,995,750.

More Dallas-area buyers are looking for luxury properties, according to a new report by Coldwell Banker Residential Brokerage.

Luxury home sales jumped 29.4 percent during the third quarter compared to the same period the previous year. A total of 304 luxury homes were sold in Q3 2018, up from 235 in Q3 2017.

The data was compiled based on sales of homes priced at $1 million or above on the Multiple Listing Service.

Related: Go inside the 10 most expensive homes to hit the market in 2018

But while more buyers were looking for luxury homes, they paid less for those properties, Coldwell Banker found. The median sales price during Q3 declined 6.1 percent to $1,394,258. That’s compared to a median price of $1,485,000 during the same period last year.

“The Dallas luxury housing market saw a strong improvement in overall sales throughout the third quarter,” said Apryl Jolas with Coldwell Banker. “Buyers enjoyed a brief cooling off in luxury home prices as the supply of inventory increased slightly compared to last year.”

The two most expensive homes sold during the quarter were located in Dallas’ Highland Park neighborhood, and were purchased for roughly $3.79 million and $3.72 million.

Currently, Coldwell’s highest-priced home in Dallas is located on Ursula Lane in the Preston Hollow area.

Take a tour of the nearly $5 million property by clicking here.

To see this story in its original form on DallasBusinessJournal.com, click here.