The number of Texas homes that sold for $1 million or higher from November 2020 to October 2021 increased 89.6% compared to the previous reporting period to 11,980 sales, according to the 2021 Texas Luxury Home Sales Report released today by Texas REALTORS®. The annual report examining housing statistics for homes that sold for $1 million or higher across the state showed total sales dollar volume reached $19.9 billion, a 93.3% increase from the previous year. While the number of luxury home sales accounted for less than 3% of all homes sold in Texas, the dollar amount represented 13% of all residential sales dollar volume across the state.
“Home price increases in Texas have led to a strong spike in the number of homes sold in the million-dollar-and-up range,” said Marvin Jolly, chairman of Texas REALTORS®. “The price increase has shifted the profile of homes that were historically listed in this category. We are seeing more neighborhoods with homes selling for above $1 million. In many cases, homes that would have sold for under a million dollars last year are topping that mark this year.”
The median price for Texas luxury homes during the first 10 months of 2021 was $1,360,133, which is 0.1% more than the previous year. The average price per square foot for luxury homes increased 9.5% to $395, more than double the $166 average price per square foot for all residential Texas homes.
From January to October 2021, luxury homes in Texas spent an average of 55 days on the market, a decrease of 31 days from the same time frame in 2020. On average, luxury homes spend more time on the market than lower-priced homes.
Jolly concluded, “What defines a million-dollar home is rapidly evolving across the state. There is strong demand in the luxury home market in Texas as many buyers from out of state are finding that they can afford a larger or higher-end home compared to the area they came from. Anyone considering buying or selling a luxury property can better understand and navigate this market by working with a REALTOR®.”