The owners of 3612 Crescent Avenue in Highland Park have struggled to sell their property, which was listed at $18.5 million last month. The mansion, managed by a family trust with connections to Stanford University and Morgan Stanley, had previously been on the market for $19.5 million last year. After failing to sell, it was relisted in January, removed from the market in August, and returned with a $1 million price reduction in September.
This trend is not isolated. In Texas’ luxury housing market, especially among its most expensive homes, properties are spending more time on the market and prices are being reduced as buyer demand shifts. Nationally, while home prices have increased overall, luxury home sales fell by 0.7 percent to reach a ten-year low in August, according to Redfin data. Texas has fared better than Florida in this regard; West Palm Beach and Miami saw much steeper declines in luxury transactions.
Austin is the only major metro area in Texas where luxury home sales dropped—by 0.4 percent—but this decline is less than the national average.
Despite these challenges at the high end of the market, some agents remain optimistic about other segments of luxury real estate.
“The $3 million-plus segment is thriving,” said Bryan Pacholski, chief sales officer at Compass’ Dallas office. He noted that Dallas/Fort Worth experienced 338 luxury transactions in the second quarter of 2025 compared to 232 during the same period last year—a 46 percent increase.
Douglas Elliman agent Breah Brown described North Texas’ luxury sector as “pretty resilient,” but noted that higher interest rates are affecting buyers at lower price points within the luxury segment.
“Interest rates are affecting that first-home buyer, and here, that’s around the $2 million, $2.5 million dollar mark. Of course, you’ve got condos and stuff that are under a million, but first-home buyers are really in that range,” Brown said.
At the ultra-luxury level—the state’s top-priced listings—the slowdown is more pronounced. Only one out of 40 of Texas’ most expensive homes listed since June has sold, based on data from the Houston Association of Realtors. Redfin reports that average days on market for luxury homes reached 46 days in August—three days longer than a year ago—and many top listings have surpassed even this figure.
Relistings have become more common: seven high-end properties reentered the market in September after previous attempts to sell failed. These include homes at 7031 Turtle Creek Boulevard, 4625 Walnut Hill and 4208 Beverly Drive in Dallas; 412 Timberwilde Lane and a condo at 2555 North Pearl Street in Houston; and 2 Grand Colonial Drive in Spring. The property at 4625 Walnut Hill has been listed five times over the past year.
Earlier months saw fewer repeat listings among top-tier properties: none of May or June’s top ten homes were relisted within twelve months; July had just one relisting.
Some sellers have chosen to withdraw their listings entirely after failing to find buyers. Properties at addresses such as 3648 Stratford Avenue and 3709 Euclid Avenue in Highland Park; 4905 Reserve Court in Parker; and 6 Estancia Place in Spring were taken off the market.
Across the country, luxury listings rose by nearly ten percent over the summer compared to last year—the highest level since 2020 when adjusting for seasonal trends—according to Redfin data (https://www.redfin.com/news/luxury-home-sales-august-2025/).
