Mar 25, 2024 - News

🏡 Charted: The cost of living in luxury

Data: Redfin; Note: Luxury homes are in the top 5% by metro area market value, while non-luxury homes are in the 35th to 65th percentile. Chart: Axios Visuals
Data: Redfin; Note: Luxury homes are in the top 5% by metro area market value, while non-luxury homes are in the 35th to 65th percentile. Chart: Axios Visuals

The typical Dallas-area luxury home sold for $1.4 million in the fourth quarter of 2023, per a Redfin report.

The big picture: Wealthy home shoppers, especially those paying with cash</a>, are making up a growing share of the U.S. housing market</a>.

Context: Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro area based on market value.

Zoom in: The median price of luxury homes in North Texas increased by 6.5% between the fourth quarters of 2022 and 2023, Redfin found.

Zoom out: Nationally, luxury prices rose nearly twice as much (+8.8%) as non-luxury prices (+4.6%) at the end of 2023, according to Redfin.

  • That's partly because many high-end home buyers are coming in with cash and not worried about mortgage rates, per Redfin. The increasing share of all-cash purchases has helped build up the high-end housing market.

Yes, but: Higher mortgage rates hit first-time and middle-income home buyers hardest, according to Redfin.

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