Suburban Dallas Ranch Takes 40% Price Cut, Relisted at $3M

A home on 44 acres south of Dallas just listed for $3 million, a massive price cut from two years ago.

The four-bedroom, five-bathroom home, at 3321 FM 66 in Waxahachie, is asking $3 million, or $469 per square foot. It’s been on and off the market since 2022 when it was listed at $4.9 million, marking a price decrease of 39 percent.

The property includes a 6,400-square-foot house, a guesthouse, barn and stables. It also has a shop that can fit a 40 foot tall motorhome and a music room.

“It’s pretty extraordinary for the area,” Coldwell Banker Realty’s Waxahachie-based agent Melissa McClain said.

The market for luxury real estate in the area is growing. Last fall, a 5-acre estate hit the market at $10 million, or $455 per square foot for the 22,000-square-foot house, the most-expensive listing since 2002.

In July, prices for homes with five bedrooms or more in Waxahachie rose by over 11 percent, according to Rocket Homes. Part of that has been fueled by out-of-state buyers. From April to June, most newcomers moved to Waxahachie from Los Angeles, New York City and San Francisco, according to Redfin.

“We’re seeing a lot of people in the DFW market move from out of state; they’re moving their equity, and they can get a lot more for their money here than they can elsewhere,” McClain said. “And on acreage, there’s not as many restrictions.”

The Waxahachie property has mostly attracted interest from out-of-state buyers from Utah, Oregon and California, McClain said.

Nationwide, luxury home sales are keeping the residential market afloat, with wealthy buyers plunking down cash for homes and avoiding high interest rates that hinder the rest of the market, according to the National Association of Realtors. Sales of homes priced $1 million or more increased in July, as sales of typical homes decreased.