Dallas Real Estate Market Prices, Trends and Forecast 2024

Dallas continues to surge as one of the premier cities in the U.S. to call home. In 2023, the region experienced significant economic expansion, fueled by robust employment growth and a low unemployment rate, setting a solid foundation for its real estate market. Through the first three months of 2024, the trend continues.

The city's allure is magnified by its status as a significant economic hub, drawing a diverse influx of new residents attracted by its financial opportunities, cultural richness, and strategic location. Boasting two major airports, including DFW International Airport, the world's third busiest airport in 2023, and a central location in the U.S., you can reach Chicago, Los Angeles, and Miami in a 2 1⁄2-hour flight from DFW and arrive in New York in three hours.

Even with recent economic uncertainty, Dallas is well-positioned for the future. Home to 24 Fortune 500 companies, 11 based within the City of Dallas, the area is a hotspot for major industries, including telecom, healthcare, and technology. Dallas' unique blend of modern urban-suburban lifestyles, rich historical roots and diverse culinary and cultural scene, make it an attractive destination for luxury living.

There's plenty of leisure, too, as the city caters to those seeking a luxurious and varied lifestyle with a rich tapestry of experiences that blend culture, history, and outdoor activities. Highlights include the Katy Trail, Klyde Warren Park, and the Perot Museum of Nature and Science. There's also a vibrant arts scene anchored by the world-renowned downtown Dallas Arts District, the nation's largest contiguous urban arts district.

Area real estate continues to outpace much of the country. At the end of March 2024, Dallas' real estate market saw a 47% increase in the average home sales price from the same time last year—$572,013 in 2024 versus $388,582 in 2023—and a 95.3% sales-to-list ratio. Homes spent 59 days on the market during the March sales period. Three weeks into April 2024, the average decreased to 50, indicating an increase in sales activity heading into the height of the mid-spring sales season.

After an uptick in listings to start the year, current listings fell 12.5% between March 2023 and March 2024, and the decline continued well into April. At the end of March this year, 738 property listings. In the first half of April, listings were nearing a three-year low.

Dallas' luxury segment is the primary driver for the market as a whole, where demand continues to outpace supply. Median days on the market for homes priced above $750,000 is a brisk 2½ weeks, with total sales 40% higher in March 2024 versus last year. Sellers hold an advantage, but well-prepared buyers are encountering a market where the sales-to-list ratio is 98.75%. Prices are up, but not exuberantly, and excellent buying opportunities remain available before the late-spring, early-summer buying season heats up.

Dallas is a hotbed for high-end real estate activity driven by a booming job market. The influx of corporate relocations, moving their headquarters or adding significant regional footprints to Dallas and its surrounding suburbs, has fueled demand. Additionally, Dallas's prominence in the finance sector as the second-largest finance hub in the U.S. after New York City continues to attract affluent professionals.

However, potential regulatory changes currently tied up in court regarding short-term rentals via Airbnb and Vrbo may impact investment rental properties and broader economic conditions like interest rates and inflation, which could influence market dynamics. Both buyers and sellers would be wise to stay informed on issues that could impact potential transactions in the latter part of 2024.

Dallas-Fort Worth real estate remains overwhelmingly positive for the immediate future, with plenty of demand far outweighing any negatives. It's an incredibly compelling market for luxury properties, making it an opportune time for sellers and a competitive scenario for buyers.

Given the tight, in-demand luxury market, savvy homebuyers are looking beyond their usual comfort zone. While there's no mistaking the appeal of Dallas' most well-known luxury enclaves — Preston Hollow, Turtle Creek, and the Park City communities of Highland Park and University Park, among them — there are others that offer just as much, if not more, of Dallas' exceptional luxury lifestyle. Two such neighborhoods, Northern Hills and Briarwood, offer exceptional homes in incredibly convenient, picturesque settings, satisfying the demands of discerning buyers. If you're considering broadening your Dallas luxury home search, these two neighborhoods are worth a serious look.

If ever there was a neighborhood that was both highly sought-after yet flying well under the radar of Dallas real estate, Northern Hills would prove the top candidate. This gorgeous little enclave dates to the 1920s and has the good fortune of being enveloped by Highland Park to its north and west, Turtle Creek to its south, and Northern Heights and the Katy Trail to its east. The 3.5-mile trail is accessible from the neighborhood and puts residents less than a mile from Knox Henderson and less than two miles from Mockingbird Station, SMU, West Village, and Uptown. One of the city's most architecturally diverse communities with Contemporary, Georgian, Mediterranean, Modern, Spanish, and Tudor homes all on display, from a privacy standpoint, there are few places better secluded yet more in the middle of it all than Northern Hills.

Often mapped as part of the adjacent Bluffwood neighborhood, Briarwood is among Dallas' true hidden gems, sitting in plain sight at the intersection of Lovers Lane and Inwood Road. The neighborhood's right-angle shape tucks neatly under a verdant canopy that shades yards and sidewalks against the Texas summer sun, making evening walks here a favorite pastime. Briarwood is the ideal spot for those seeking newer contemporary homes. However, several lots still feature the area's original bungalow and cottage homes, providing opportunities to create your own masterpiece. With the neighborhood's southern edge running along Lovers Lane, residents can easily access Inwood Village, the Dallas North Tollway, and Love Field.

Whether seeking more insight into the Dallas real estate market or looking to position a home for sale, contact the Mooty Luxury Group today. Our team's extensive knowledge and expertise will ensure your real estate journey is successful and highly lucrative.