January 13, 2023 — Austin
The number of Texas homes that sold for $1 million or higher from November 2021 to October 2022 increased 17% compared to the previous year, according to the 2022 Sales of Million-Dollar Homes in Texas Report released today by Texas REALTORS®. The annual report showed 13,998 total sales with a combined dollar volume of $22.6 billion, a 14% increase in dollar volume from the previous year.
“The profile of a home sold for a million dollars or higher has changed with the high demand for Texas real estate over the past few years,” said Marcus Phipps, chairman of Texas REALTORS®. “In some areas, one million dollars will buy a large home with lots of bedrooms and bathrooms and many luxury features, but in others, the value of the location itself is high enough to push more-modest homes over the million-dollar mark.”
The number of homes that sold for at least $1 million accounted for 3.6% of all homes sold in Texas, an increase of 0.8% from last year. The total dollar amount represented 14.2% of all residential sales dollar volume across the state.
The median price for Texas homes sold for $1 million or higher during the first 10 months of 2022 was $1,336,500, which is 0.5% less than the previous year. The average price per square foot for homes that sold for at least $1 million increased 3% to $423, more than double the $192 average price per square foot for all residential Texas homes.
From January to October 2022, these homes spent an average of 47 days on the market, a decrease of three days from the same time frame in 2021. On average, million-dollar homes spend more time on the market than lower-priced homes.
Phipps concluded, “Like all real estate transactions, there are many factors that sellers and buyers should consider—there’s no one-size-fits-all strategy. A Realtor can help sort through the data and trends to help you understand the local conditions for these high-end properties.”