Luxury home sales in the state’s four largest metros reached $10.3 billion in sales volume, according to the 2020 Texas Luxury Homes Sales Report released today by Texas REALTORS®.
There were 6,347 homes sold for $1 million or higher from November 2019 to October 2020 in the Austin, Dallas-Fort Worth, Houston, and San Antonio metropolitan areas, an increase of 23.5% over the previous period to match the 23.8% increase in sales volume.
“One reason we’ve seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low,” said 2021 Texas REALTORS® Chairman Marvin Jolly. “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 slipped 0.7% to $1,360,000, while the average price per square foot rose 3.5% to $361. The average price per square foot for all residential sales in Texas was $139. Luxury homes spent an average of 86 days on the market from January to October 2020, a decrease of one day from the same period in 2019.
“Buyers in the market for homes priced at $1 million and above will continue to have a good selection in most areas of Texas,” Jolly said. “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.”