Luxury Homes in Preston Hollow and Park Cities: What 1 Million Dollars Gets You in 2026

Dallas is no stranger to luxury. If you're curious about what a cool million or more can buy in the heart of the city, especially in Preston Hollow and the Park Cities, you’re in good company. These neighborhoods continue to exemplify elegance, exclusivity, and architectural innovation. And with Dallas luxury home prices gradually climbing, understanding where your money goes today can help you make smarter, more confident decisions tomorrow.

Let’s explore what the luxury market in Dallas has to offer now and what you can expect in 2026. We’ll cover the latest market conditions, key neighborhoods, and what makes Dallas real estate uniquely attractive for luxury buyers.

The State of Dallas Luxury Home Prices in 2026

As of early 2026, Dallas luxury home prices have seen steady growth. According to recent market analyses, the median luxury home in Dallas is around 1.28 million dollars, reflecting a rise of approximately 5.5 percent over the past year. While the overall median home price in North Texas stays in the mid four hundreds of thousands, the luxury segment is climbing faster, demonstrating strong demand for high-end properties.

In particular, sales of homes above 1 million dollars surged last year, with more than 14,400 homes over this threshold changing hands in 2025 alone. This spike underscores Dallas’s position as a premier destination for luxury homebuyers searching for value, style, and exclusivity.

While some headlines suggest a plateau or slight dips in other markets, Dallas’s luxury sector remains resilient. Experts forecast modest appreciation rates between 2 and 4 percent through 2026, ensuring stability for upscale homeowners and investors alike.

What 1 Million Dollars Buys You in Preston Hollow Today

Preston Hollow consistently ranks among Dallas's most desirable neighborhoods. Thanks to meticulous craftsmanship, expansive lots, and architectural diversity—from modern mansions to period homes—properties here are tailored for those seeking privacy and prestige.

In 2026, a budget of just over a million dollars can get you:

A stylish modern estate
Think open floor plans, gourmet kitchens, and high-end finishes. Many new constructions and renovated homes are priced just above the million-dollar mark, offering luxury upgrades like elevator access, home theaters, and outdoor pools.

A stately traditional residence
Situated on generous lots, these homes often feature classic Dallas architecture with large living spaces and mature trees. Some estates also include guesthouses or additional amenities.

Upscale townhomes
For those seeking less maintenance but still premium features, upscale townhomes within Preston Hollow often come close to the million-dollar price point, especially with recent upgrades and premium locations.

Real Estate Snapshot
Currently, Preston Hollow has approximately 46 luxury homes on the market with median listing prices near 2.4 million dollars. The neighborhood’s homes appeal to discerning buyers valuing privacy, architectural distinction, and access to Dallas’s finest amenities.

The Park Cities Advantage

Just north of Downtown Dallas, the Park Cities encompassing Highland Park and University Park remain iconic for their luxurious lifestyles. Here, the median price for a luxury home is around 3.2 million dollars, but with a flexible budget, buyers can still find excellent opportunities.

In 2026, buyers are often looking at:

Custom-built mansions with state-of-the-art features
Historic estates carefully renovated to modern standards
Exclusive gated communities offering privacy and security

The appeal lies in proximity to high-end shopping, top-tier private schools, upscale dining, and cultural venues.

Building and Custom Homes: What the Experts Say

Some buyers prefer to create their own luxury oasis. In Dallas, rising demand for bespoke homes is evident. Premier builders continue to focus on craftsmanship, detail, and cutting-edge design to deliver homes that reflect individual taste.

Many custom luxury projects now incorporate state-of-the-art amenities, sustainable materials, and innovative layouts. If you’re thinking about a custom build, now is an ideal time to connect with local experts to discuss options and timelines.

Actionable Advice for Buyers and Sellers

Whether you're a seller upgrading or a buyer dreaming of a luxury home, a few tips can make your journey smoother:

For Buyers
Get pre-approved and work with a local expert who understands Dallas’s luxury neighborhoods. Look for properties that balance size, amenities, and location.

For Sellers
Highlight unique features of your property, including architectural craftsmanship, outdoor living spaces, or recent renovations. Pricing competitively ensures quicker sales.

For Custom Home Enthusiasts
Consult reputable builders early. Investing in quality craftsmanship today can pay dividends in long-term value.

Dallas’s Growth and Future Outlook

Dallas’s real estate market remains robust heading into 2026. As the city continues to grow economically and culturally, luxury neighborhoods continue to attract consistent investment.

Market forecasts suggest that Dallas luxury home prices will appreciate at a gentle but steady pace. This stability makes the city an attractive hub for high-net-worth individuals seeking both lifestyle and long-term investment potential.

Connect With a Dallas Luxury Market Specialist

If you’re considering a move, investment, or custom build in Dallas, working with an experienced local broker can make all the difference. Evan Downey specializes in Dallas luxury real estate and can guide you through every step to ensure you find your perfect home or sell at the best price.

Ready to find your dream Dallas luxury home or sell your estate in Preston Hollow? Contact Evan Downey today and experience the advantage of true local expertise.

Evan Downey
Real Estate Broker
Phone: 214-997-4929
Email: evan@evandowneyrealestate.com