Luxury home sales remain strong in 2016

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Red sign in the shape of a home with white arrow and white text: HOME FOR SALE

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.”

Categories: Research
Tags: luxury homes, texas luxury home sales report, research


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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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