Dallas climbing in sales of million-dollar homes

DALLAS – Luxury home sales in Dallas — like home sales throughout other price ranges — climbed last year, with 750 homes priced at a million dollars or more sold during 2014.

Wealthy young professionals, a demographic group the Dallas business community has been working to attract, is one reason behind the jump in luxury homes sales, according to the 2015 Coldwell Banker Previews International Luxury Market Report.

"Younger buyers are already an important group because a vast majority of wealthy millennials have immediate purchase interest," according to the report.

Here’s an age breakdown of those interested in buying a home:

•  73 percent of those under 35 say they expect to buy a home in the next 12 months
•  49 percent of those between the ages of 35 to 44 say they plan to buy a home in the next year
•  11 percent of millionaires age 65 and older say they are planning to buy a home in the next 12 months

Dallas has yet to break into the top echelon of cities with the largest portion of million-dollar home sales. San Francisco is leading the pack with 2,802 home sales in 2014.

Los Angeles and New York are second and third for million dollar home sales behind San Francisco with 2,573 and 1,639, respectively. Houston ranked No. five on the list in 2014 with 1,045 million dollar home sales, according to the report.

While more Dallas luxury homes sold in 2014 than in previous years, there were fewer luxury homes put on the market than two years ago. This could have builders looking to fill market demand for high-end digs by building new homes for homebuyers.