As home prices have soared over the past few years, $1 million has a different meaning in the North Texas housing market than it did in 2019.
Homes in Dallas-Fort Worth that sold for $1 million typically were 4,824 square feet in 2019, and now homes for sale at that price point are about 20% smaller at 3,818 square feet, according to aThe typical $1 million home in Dallas has four bedrooms and four bathrooms and is 16 years old, Zillow found.
Some of the hottest cities for buyers during the pandemic saw their prices per square foot grow the most. Dallas-Fort Worth saw the fourth-largest fall in million-dollar home sizes, behind Phoenix, Nashville and Philadelphia. On a national level, home sizes only shrunk by less than 300 square feet.boosted the number of homes sold at $1 million or more from 43,421 in the second quarter of 2019 to a record 90,110 in 2022.
“Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates,” Anushna Prakash, economic data analyst at Zillow, said in the report. “Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts.”. Mitchell covers residential real estate across North Texas for The Dallas Morning News.
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