There were 5,149 home sales in Texas in excess of a million dollars between November 2018 to October 2019, an increase of 4.4% year-over-year. The 2019 Texas Luxury Home Sales Report released today by Texas REALTORS® also shows a 5.1% increase in the dollar volume of million-dollar home sales, reaching $8.3 billion.
“The Texas luxury home market continues to see healthy growth,” said 2020 Texas REALTORS® Chairman Cindi Bulla. “In addition to longtime residents enjoying the fruits of the Texas economy, many luxury home buyers are high net worth individuals relocating from high cost states like California, while still others are from outside the U.S. Most find they can buy dramatically more house for the same investment compared to their previous location. Add to that a business-friendly environment, no income taxes, and the finest, most friendly people in the world, and it isn’t any wonder Texas’s luxury homes have global appeal and a strong market outlook.”
Additional statewide details from the report include:
- Luxury home sales accounted for 8.2% of all sales dollar volume between November 2018 and October 2019.
- The average price per square foot for luxury homes was $364 between January and October 2019, a 7.4% increase.
- The median price for luxury homes was $1,375,000 between January and October 2019, a 2% increase.
- Texas luxury homes spent an average of 87 days on the market between January and October 2019, a decrease of eight days.
More details on the Austin, Dallas-Fort Worth, Houston, and San Antonio metropolitan areas are available in the full report available for download.