December 17, 2020 — Austin
The number of Texas homes that sold for $1 million or higher from November 2019 to October 2020 increased 23.5% to 6,347 sales, according to the 2020 Texas Luxury Home Sales Report released today by Texas REALTORS®. The annual report examining housing statistics for luxury homes in the Austin, Dallas-Fort Worth, Houston and San Antonio metropolitan areas also showed total sales of million-dollar and higher homes reached $10.3 billion, a 23.8% increase from the previous year. That total accounted for 8.8% of all sales dollar volume.
Marvin Jolly, 2021 chairman of Texas REALTORS®, commented, “One reason we’ve seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low. Buyers of high-end properties are finding they can buy more for their money, particularly when compared to many real estate markets in New York, California, and other pricier areas.”
The median price for luxury homes in Texas for the first 10 months of 2020 was $1,360,000, 0.7% less than the previous year. The average price per square foot for luxury homes increased 3.5% to $361, which is substantially more than the $139 average price per square foot for all residential Texas homes.
From January to October 2020, luxury homes in Texas spent an average of 86 days on the market, a decrease of one day from the same time frame in 2019. On average, luxury homes spend more time on the market than lower-priced homes.
Jolly concluded, “Buyers in the market for homes priced at $1 million and above will continue to have a good selection in most areas of Texas. The features of luxury homes vary considerably from one property to another, though—from luxury condominiums and waterfront properties to homes with large acreage and guest quarters. REALTORS® have seen every type of home and can help homebuyers and sellers weigh all their options to make the best real estate decisions for them.”