As a category, luxury homes in Texas experienced tremendous growth from November 2020 to October 2021.
The number of homes that sold for $1 million or higher increased 89.6% from the last reporting period. Total sales dollar volume for those homes increased 93.3% to $19,965,983,677.
Texas REALTORS® has released the 2021 Texas Luxury Home Sales Report. The report uses data from the Data Relevance Project, a partnership among REALTOR® associations throughout the state. Analysis is provided by the Texas Real Estate Research Center at Texas A&M University.
There were 11,980 luxury homes sold in Texas during the reporting period. While luxury home sales comprise less than 3% of all Texas home sales, they generate 13.1% of the state’s total residential sales dollar volume.
Other statistics from the report include:
- The median luxury home price was $1,360,133.
- The average price per square foot was $395—more than double the average price per square foot for all Texas homes.
- Luxury homes spent an average of 55 days on market, down 31 days from 2020.
- There were 17,555 new listings from November 2020 to October 2021.
- 90.2% of luxury homes were sold in the state’s four largest MSAs: Dallas-Fort Worth-Arlington (31.9%, 3,818 homes); Houston-The Woodlands-Sugar Land (27.2%, 3,264 homes); Austin-Round Rock (25.9%, 3,103 homes); and San Antonio-New Braunfels (5.2%, 622 homes).