The Dallas-Fort Worth (DFW) metroplex in Texas is home to some of the most beautiful luxury homes in the United States. It’s no wonder since the DFW area is also home to some of the wealthiest people in the country, as well. Millionaires and billionaires who made their money or inherited their riches due to the Texas oil industry make up just some of the wealthy residents. DFW is also known to house most of the country’s large corporations. The top industries in the Dallas area alone are technology, financial services, and defense. Fort Worth is home to the major oil and gas companies and the manufacturing, aviation, and aerospace industries.
The Current DFW Housing Market
Despite two years of economic instability brought on by the COVID-19 pandemic, the DFW housing market is still going strong. There are many factors to consider, but one thing is for sure, more and more people continue to relocate to the DFW area to enjoy all that this thriving area has to offer! Homebuilders continued to see a rise in demand for new home construction throughout 2021. Experts also predicted the trend to continue in 2022.
California residents have relocated to Texas at an unusually higher rate than normal. In particular, many of California’s top corporate headquarters have relocated to Dallas. The lower taxes and lower cost of living are some of the top reasons people flock to the area. And with this savings, you can usually afford a more sizable house and property for your money! These factors have created the demand for more luxury homes in the DFW area.
Luxury homes are not all new construction, though. The increased costs of building a new home combined with the strain on housing inventory have put older homes in the Fort Worth neighborhoods on the luxury home map. Some buyers are buying homes that were probably not originally luxury homes when they were built but are getting a luxury upgrade to suit their needs.
Luxury Homes That Focus On Practicality
Something else is trending in the DFW luxury homes housing market. These luxury homes need to have a variety of practical needs that meet the demands of growing families. Wealthy residents are skewing younger these days. Many of them have growing families. They may also care for aging parents who value their privacy and independence. Multigenerational luxury homes are in high demand with builders. Such homes may include an in-law suite, which is like a second home within the larger home, or an apartment-style suite. These homes are spacious enough for families with children still living at home, as well as aging parents who share the same roof.
Another need that we see in the luxury home market is the need for more home-office space. The pandemic has created a new normal of working remotely from the comfort of your own home. Some companies are opting for a hybrid work schedule. With this type of schedule, employees can work part of the week in the office and part of the week at home. This allows fewer people in the office building at the same time and the ability to social distance. Hybrid work schedules can also slow the spread of illness. Those who have the opportunity to work remotely in their luxury homes must have a modern home office! In many cases, the home will need to accommodate more than one remote worker. Add on children living in the home who may need to do remote learning at times due to high cases of illness, and everyone can use that extra space and WiFi!
If you’re ready for luxury living in the Dallas-Fort Worth area, contact us to help you find the home of your dreams!