Luxury home prices have dropped 2.3% year over year nationwide according to a report by Redfin. In the 12 weeks ending June 14, the median sale price for luxury homes fell to $1,099,521, marking one of the biggest declines in luxury home prices since the beginning of 2015.
Prices of high-end homes in Dallas sank 12% year over year in the 12 weeks ending June 14, the highest drop in any metro.
However, new data from Redfin shows that homes in the highest percentile — the top 5%, are rising 3.5% year over year for the seven-day period ending June 14.
The COVID pandemic is playing an outsized role in the luxury market. Luxury homes are particularly sensitive to periods of economic uncertainty as many luxury buyers are nervous about pouring money into an investment that may be difficult to sell if the economy takes a nosedive.
Realtor.com has seen search for luxury homes increase recently proving that luxury buyers are ready to return to the market.
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As top Dallas real estate agents, we take great pride in using our expertise, resources, and global connections to perfectly unite extraordinary places in a variety of lifestyle categories and price points. Discover why we are one of the most respected teams for buying and selling in the Dallas area. It is also important to highlight that luxury is an experience, not a set number. Price point does not define luxury. We provide the same elevated experience to every client. From sky residences in Downtown Dallas’ premier high rise buildings to distinguished properties throughout cities like Southlake and University Park, we offer real estate buyer and seller representation services that give our clients the edge when buying or selling luxury real estate in Dallas metro area. Our commitment and daily dedication is to delivering a high level of expertise with extensive hyper local market knowledge, savvy negotiations and innovative technology.