Fort Worth is a luxury market to watch in 2020.
That, according to the “The Report: State of Luxury 2020” from
Coldwell Banker Real Estate LLC.
Fort Worth, along with Boise, Idaho, Charlotte, Colorado Springs and Cincinnati are all luxury markets to watch this year, according to the report.
Fort Worth gets high marks for what you get for your money.
“It’s amazing what you can get for $500,000, like a four-bedroom house with 4,500 square feet and a three-car garage on a sizable lot,” says Lori Arnold, owner of Coldwell Banker Apex. “There’s an influx of buyers from California and New York, and cost of living is much lower here. Clients say, ‘My gosh, we paid that for our starter home!’”
The headline on the Fort Worth story: “Luxury suburb emerges from Dallas’ shadow,” may not please Fort Worth economic development officials, but at least we’re emerging.
One other Texas city got a shout out in the report – Austin, which was one of the top performing luxury markets for 2019.
Collin County also gets a shout out as the most affordable luxury market for single family homes.
Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, and the Coldwell Banker Global Luxury program released “The Report: State of Luxury 2020,” a comprehensive profile of emerging luxury markets and buyers. Included in the report are trends as well as top preforming luxury markets of 2019 and those to watch in the upcoming year.
“The Report” combines analysis of sales data with interviews of dozens of Coldwell Banker affiliated agents who provide on-the-ground perspectives from diverse real estate markets.
Luxury trends in 2019 include migrating wealth, impacts from tax law changes in 2018 that limited deductions for state and local taxes and a focus on holistic wellness and eco-friendly design. The report also dives into how the luxury market has been impacted by LGBTQ+ and millennial demographics.
In identifying the top performing luxury markets this year, the Coldwell Banker brand found that four powerhouse markets had an evenly distributed hold on the top 10% of luxury sales in 2019. Their sales prices in relation to other luxury markets made them the top performers of the industry this past year.
2019 Top Performing Luxury Markets in Review
• Malibu, California
• San Diego, California
• Austin, Texas
• Arlington, Virginia
After analysis of economic factors such as job and population growth against annual metrics including sales-price-to-list-price ratios, days on market, median list price and inventory, “The Report” also identified this representative group of housing markets to watch in the year ahead.
2020 Top Luxury Markets to Watch
• Boise, Idaho
• Charlotte, North Carolina
• Colorado Springs, Colorado
• Cincinnati, Ohio
• Fort Worth, Texas
“Power Markets” include both well-established and unexpected luxury markets offering a range of lifestyle amenities, cultural experiences and educational opportunities. Key indicators of “power” status include airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity.
To narrow down the top ten Power Markets for Buyers and Sellers in 2019, as well as other key trends for affluent investors, the Coldwell Banker Global Luxury program collaborated with The Institute for Luxury Home Marketing to analyze the top 10 percent of active and sold listings in 2019.*
Based on the median prices for the top 10 percent of homes sold in the Power Markets, key findings include:
• Shortest Days on Market: Raleigh-Durham, North Carolina, boasted the shortest median days on market – three days – for single family homes. For condos, Silicon Valley had the shortest median days on market at eleven days.
• Most Affordable (Price per Square Foot): Collin County, Texas, was the most affordable luxury market for single family homes, where the median price per square foot was $164. For condos, Colorado Springs, Colorado, had the lowest median price per square foot at $153.
• Most Expensive (Price per Square Foot): On the flip side, the most expensive market for single family homes is Malibu, California, where the median price per square foot was $4,269. Malibu also took the top spot for condos at $1,914 median price per square foot.
• Evolving Market: Bozeman, Montana, stands out as an Evolving Market for its booming population, now over 100,000. The city’s average sales price is hovering over $1 million. Buyers from California and Colorado are the major contributors of its expanding luxury real estate market.