Luxury home sales remain strong in 2016
10/17/2016 | Author: Editorial Staff
Sales of luxury homes were one of the key drivers of the Texas housing market through the first eight months of 2016, according to the Texas Luxury Home Sales Report released today by the Texas Association of REALTORS®.
Every major metropolitan area in Texas except Houston saw increases in sales of homes priced at $1 million or higher. While Houston saw a 7.9% year-over-year decline in luxury home sales, Corpus Christi and Midland saw sales spikes of 60% and 166.7%, respectively.
Prices for luxury homes remained flat or declined across the state during the first eight months of 2016 except in Midland, where the median price for luxury homes rose 13.8%.
All six metropolitan areas included in the report saw double-digit gains in the number of luxury homes on the market during this time period, and in Austin, Corpus Christi, Midland, and San Antonio, luxury homes also spent less time on the market. Luxury homes in the Austin-Round Rock MSA had the highest price per square foot, $345, and the Dallas-Fort Worth metro had the highest median price at $1.4 million.
“The diversity and resilience of Texas real estate is evident in the luxury housing market,” said Leslie Rouda Smith, chairman of the Texas Association of REALTORS®. “The details of a million-dollar home vary—it could be a lakeside property in Austin, a luxury condominium in Dallas, a vacation property along the coast or a large home with acreage in west Texas.”
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