Dallas Real Estate Shifts to Vertical Luxury as High-Rise Condos Replace Single-Family Homes

Dallas is shifting vertically as multi-family high-rise developments emerge across the city, with rental prices in luxury towers breaching $10,000 to $11,000 per month. Established neighborhoods like Preston Hollow are attracting condo developments alongside their signature multi-million dollar estates, creating a market that looks nothing like it did even two years ago. Darwin Stephens, founder of Selling DallasTM and a licensed REALTOR® and licensed Mortgage Loan Officer, explains that buyers are increasingly looking to acquire homes that aren't quite built out yet as the city converts its luxury focus into high-rise luxury developments.

The fundamental constraint reshaping where and how people buy is Dallas's space issue in established neighborhoods. Stephens notes that in these areas, you're going to have to tear down existing structures and build them back up since there aren't many new plots available. This vertical expansion is evident even in exclusive single-family enclaves, with Stephens recently securing his own office space in Preston Hollow and receiving outreach from multi-family establishments and condo developments in that area for listings. For anyone relocating to Dallas in 2026, understanding this market transformation is crucial to avoid costly mistakes.

Stephens identifies the biggest misstep for newcomers as not choosing the right representation, with buyers frequently getting funneled into a single area without exploring the full market. He emphasizes the importance of finding someone who is fluid in multiple areas and can secure what you're looking for without limiting options to one neighborhood. His advice centers on three key actions: finding versatile representation, researching up-and-coming areas surrounding established neighborhoods, and asking direct questions about specific areas you've researched independently. Stephens stresses that an agent's fiduciary duty is to provide necessary information for informed decisions, including considerations about school districts that guide buyers to appropriate areas.

A significant advantage in navigating this changing market comes from Stephens's dual-licensed status, holding both a real estate license and a mortgage loan officer license. This combination eliminates the friction of coordinating between separate professionals during transactions. Stephens notes that when you find someone who has invested the time and capital to pass state and federal exams for an additional license, that should reaffirm your comfort level, as national and state-mandated licensing agencies must vet these individuals at each level with financial stability checks, criminal and background checks, and other requirements.

The market evolution extends beyond Dallas, with Stephens's team expanding nationally through meetings with developers and high-profile realtors in Miami and serving clients across multiple states with active projects in Las Vegas through meta-dology certification and hyper-realistic visualization technology used for pre-construction sales. For relocating buyers, the clear takeaway is that Dallas in 2026 rewards those who do the work before they move, not after, as the city continues its vertical transformation that fundamentally alters traditional home buying approaches.