Have you watched a listing sign go up on your street this year and wondered if the market has the appetite it did in 2023? The numbers say yes, with a catch. Preston Hollow’s $2 million-plus segment closed 79 homes in the first eight months of 2026, up from 71 year over year, and the median price climbed to $3.5 million, a gain of about 7%. That is not a cooling market, but a market choosier about which homes it rewards.
Start with the headline: homes at this level are selling for close to ask, about 96 cents on the dollar of the original list price, similar to a year ago. That steadiness matters more than it sounds: pricing discipline, not desperation, is setting the tone. A well-presented home in good condition, priced fairly from the start, is closing in about a month.
The part fewer people talk about? Over the trailing year, only about 44 percent of Preston Hollow’s $2 million-plus listings sold. The rest were withdrawn or expired unsold. That isn’t a red flag so much as a depiction of how this tier works: ambitious pricing is common at the top of the market, and homes that overreach sit until the seller adjusts or pulls the listing. Homes priced to the market’s actual appetite are the ones in the sold column.
Inventory is balanced. Forty-three active listings against a monthly closing pace near eleven equals roughly four months of supply, a ratio that keeps buyers and sellers honest. Half of this year’s closings took 33 days or less, 25% of homes sat 80 days or more, so the spread between a well-marketed home and a mispriced one is getting wider.
If you’re weighing a sale: a small group of experienced agents handles most of the $2 million-plus closings here, on both sides of the table. Whoever lists your home is competing against people who work this market every day; the kind of detail that should shape how a listing is marketed, not only where it gets posted.
Buyers at this level are less sensitive to the mortgage-rate headlines driving the broader market, because luxury market buyers pay cash or borrow lightly. What moves a Preston Hollow home is condition, presentation, and a price that respects the market. Buyers are willing to pay for the right house, but not for the wrong price.
My team is bullish heading into the fall selling season. The stock market’s strength has left high-end buyers as wealthy as ever, so capacity to buy is there. What held it back was timing. The war froze buyers through the spring, and summer settled into its slower, pre-pandemic rhythm after several years of distortion. I expect buyers to step off the sidelines and early pre-fall activity is already moving in that direction. At this level it takes little to renew a buyer’s sense of urgency, and once a few of the right homes trade, the market feels it.
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