DALLAS — Note: The video above is regarding a $2.8M penthouse.
The median home price in North Texas continues to rise in the tightest housing market in recent history, and potential homebuyers' $1 million no longer goes as far.
For the first time, the median home price in North Texas surpassed the $350,000 mark, and homes are selling at a faster clip than they were last year and earlier in 2021. Homes cresting at $1 million look different because of it.
"There is definitely less bang for your buck in terms of purchase power. Buyers have to spend more to win out over multiple offers, to win a home that may be smaller, in need of more work or a less desirable location than they could have purchased a year ago," said Lauren Levi Baker, global real estate advisor with Briggs Freeman Sotheby’s International Realty in an email. "However, when compared to other growing markets like Denver or even Austin, DFW still offers a reasonable cost of living. It’s all relative!"
Inventory at the million-dollar mark and above is increasingly tight. According to Ebby Halliday companies data, homes in this bracket stay on the market for 78 days, and there are 5.6 months of inventory for sale versus 19 months of inventory in 2020.
"There is even less inventory in the most sought-after neighborhoods, school districts and this sweet-spot price point under $1.5 million, where there is a large buyer pool," Levi Baker said. "Houses go on the market on a Friday and have 10-plus offers by Sunday at 5 p.m. when the best and final offers are due. I would say this is the most competitive price bracket. It has never been more important to move quickly."